Overview
- Oil futures closed mixed on Monday as U.S. crude (WTI) rose to about $103.66 per barrel while Brent eased to roughly $109.55, reflecting split market signals.
- Data firm Kpler reported that seven-day average crude flows through the Gulf region fell to about 8.5 million barrels per day from more than 20 million b/d the prior week, a sharp drop that traders said lifted risk premia.
- Iran’s Revolutionary Guard reported a tanker explosion after a mine strike in the southern Strait of Hormuz and Houthi forces claimed strikes on tankers and Saudi facilities, increasing fears for shipping safety.
- The White House signed an executive order late last week temporarily exempting some transactions tied to Russian diesel, a move the U.S. government defended and critics said could be politically contentious.
- Market technicians and analysts say the rally has been tempered by overbought indicators, heavy long positioning, signs of partial flow recovery and persistent diesel tightness that together leave prices volatile and uncertain.