(Bloomberg) — Oil held its second weekly gain as US President Donald Trump said he was sticking with a naval blockade of Iranian ports, elevating concerns the vital Strait of Hormuz would not reopen anytime soon.<\/p>\n
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Brent for July rose above $111 a barrel, while West Texas Intermediate was near $105 \u2014 up 12% this week. In a written statement, Iran\u2019s supreme leader Mojtaba Khamenei cast doubt on the likelihood of a deal with the US, vowing not to give up the Islamic Republic\u2019s nuclear or missile technologies, and signaling Tehran would keep control of the strait.<\/p>\n
Oil has soared more than a quarter over the past two weeks as the deadlock in negotiations extends the near-total closure of the crucial waterway, which before the war carried about a fifth of the world\u2019s crude. The uncertainty over future supply has seen sharp price swings, and a flattening of the futures curve.<\/p>\n
\u201cSelloffs are approached cautiously, but the bandwagon fills up on moves higher,\u201d said Carl Larry, an oil and gas analyst at Enverus. \u201cEvery day continues to be an adventure, but also a chance to make money…quickly.\u201d<\/p>\n
ConocoPhillips is warning of imminent \u201ccritical shortages\u201d of oil for some nations as the war enters its third month. The supply pinch appears likely to significantly worsen as soon as June, Chief Financial Officer Andy O\u2019Brien told analysts during a conference call on Thursday.<\/p>\n
\u201cThe markets sort of had a bit of a grace period initially when the tankers that left the Persian Gulf in late February were still on the water; now all of those have reached their destination,\u201d O\u2019Brien said. \u201cWe are going to start to see some import-dependent countries potentially start to face critical shortages as we get into the June-July time frame.\u201d<\/p>\n
Meanwhile, the gap between paper and physical prices is narrowing as tangible domestic tightness begins to materialize for the first time since the war began. US crude exports surged to a record last week as global buyers tapped American producers for barrels to replace lost supply from the Middle East.<\/p>\n
–With assistance from Charles Gorrivan and Sarah Chen.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92026 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Oil held its second weekly gain as US President Donald Trump said he was sticking with…\n","protected":false},"author":2,"featured_media":419319,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[197648,1877,54,42,159370,40085,43,114994,40,38,41,39,108917],"class_list":["post-419318","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-andy-obrien","tag-bloomberg","tag-donald-trump","tag-headlines","tag-mojtaba-khamenei","tag-naval-blockade","tag-news","tag-strait-of-hormuz","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-west-texas-intermediate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/419318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=419318"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/419318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/419319"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=419318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=419318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=419318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}