""The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf," ING analysts Warren Patter and Ewa Manthey stated, reflecting the current sentiment in the market."
""The breakdown of U.S.-Iran talks and President Trump rejecting Iran's latest offer on Hormuz has the market losing hope for any quick resumption in oil flows," indicating the impact of geopolitical tensions on oil supply."
Traders are weighing potential military escalation as President Trump prepares for a briefing on military action in Iran. Brent crude prices fell to $114 a barrel, while West Texas Intermediate was at $104. Gasoline prices rose to $4.30 a gallon, significantly higher than last year. Analysts noted a shift from over-optimism to recognizing supply disruptions in the Persian Gulf. The breakdown of U.S.-Iran talks has diminished hopes for a quick resumption of oil flows. The expiration of the June Brent futures contract may also contribute to market volatility.
Read at Axios
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