Crude futures post back-to-back losses as ships move through the Strait of Hormuz while the U.S. and Iran continue talks though mediators. The market is focusing mostly on the supply side, while demand expectations are also weak for this year, says Marcus McGregor, head of commodities research at investment management firm Conning. If the agreement with Iran sticks and there are no more disruptions, inventories should rebuild rapidly, he says. "We entered this year thinking that we saw weakness in the second half, even before the situation took place in Iran. With things quieting down, I think we're back to that kind of narrative again, that we're looking at inventory builds in the second half of this year and definitely softer prices as we head into 2027." WTI settles down 1.3% at $68.58 and Brent falls 1.9% to $71.57. (anthony.harrup@wsj.com)
Dow Jones Newswires
Oil Futures Extend Decline on Supply Optimism — Market Talk
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Crude futures post back-to-back losses as ships move through the Strait of Hormuz while the U.S. and Iran continue talks though mediators. The market is focusing mostly on the supply side, while demand expectations are also weak for this year, says Marcus McGregor, head of commodities research at i…