Overview

• Brent crude climbed to $66.24 per barrel, while WTI rose to $62.93, following reports of potential Israeli military action against Iranian nuclear facilities.
• U.S. intelligence suggests Israel is preparing for a strike, though no final decision has been confirmed, raising fears of supply disruptions in the Middle East.
• Iranian oil exports could face significant impacts if conflict escalates, with potential retaliation threatening the Strait of Hormuz, a key global oil chokepoint.
• U.S.-Iran nuclear talks remain stalled, with Iran rejecting demands to cease uranium enrichment, undermining prospects for sanctions relief and increased oil exports.
• Meanwhile, U.S. crude inventories rose by 2.5 million barrels last week, and Kazakhstan increased oil output by 2%, defying OPEC+ agreements to limit production.