Oil Falls As Market Holds Out Hope for End to Conflict

1502 ET – Crude futures settle lower with market expectations of a resolution to the U.S.-Iran conflict outweighing concerns of a renewed flare-up. “The oil market has definitely gotten the sense that President Trump wants this thing over,” says John Kilduff of Again Capital. Fears are increasing that the U.S. will “agree to anything to get it over with for a while so these prices can really come back down,” he adds. The trickle of tankers making it through the Strait of Hormuz isn’t resolving the problem and the market has been relying on storage, but stocks are running down as the strait remains effectively closed, Kilduff says. “The cliff in my opinion is in the beginning of July. That’s when the real crunch should dawn.” WTI ends down 2.7% at $90.54 a barrel and Brent falls 2% to $93.09. (anthony.harrup@wsj.com)

Crude Futures Slip Ahead of the Weekend

0929 ET – Oil futures are lower heading into the weekend as the market holds out hopes for U.S.-Iran negotiations to eventually bring about an agreement to reopen the Strait of Hormuz. The market appears more sensitive to occasional bearish war headlines or optimistic comments from President Trump than to the daily loss of supply, Ritterbusch & Associates says in a note. “Holding a long position that would be more appropriate to global oil fundamentals has been extremely difficult throughout the course of this war.” WTI is down 0.9% at $92.23 and Brent is off 0.6% at $94.49(anthony.harrup@wsj.com)