Overview
- Brent fell about 3% to roughly $64.6 a barrel and WTI to near $60 in early Thursday trading after President Trump said killings in Iran were subsiding and he would "watch and see" on intervention.
- The remarks cooled a geopolitical risk premium that had propelled a four-day rally to multi-week highs as markets priced potential Iran supply disruption.
- Official EIA data showed U.S. crude inventories rose 3.4 million barrels last week to 422.4 million, following an API estimate of a 5.23 million-barrel build, with gasoline and distillates also increasing.
- Venezuelan exports are resuming, with two supertankers departing with about 1.8 million barrels each under a 50‑million‑barrel supply deal, and the U.S. completing its first sale of Venezuelan oil.
- Local supply risks persist, with reported attacks on tankers near the Caspian Pipeline Consortium’s Black Sea terminal cutting loadings and complicating Kazakhstan’s exports.