Overview

• Tehran has asked Qatar, Saudi Arabia and Oman to press President Trump for an immediate ceasefire with Israel in exchange for flexibility on its nuclear program.
• Brent crude fell about 1.35% to $73.23 a barrel and U.S. West Texas Intermediate declined 1.66% to $71.77 after reports of Iran seeking a truce.
• Israel has bombed Iranian domestic energy sites such as the South Pars gas field and Shahran fuel depot while key export facilities including Kharg Island have been spared.
• OPEC+ has boosted its production quotas by over 2 million barrels per day through year-end to offset potential Middle East supply disruptions.
• Analysts warn that any escalation threatening the approximately 20 million barrels per day transiting the Strait of Hormuz could propel oil prices above $120 per barrel.