Oil Futures Retreat On Middle East Conflict Seen Easing

1518 ET – Oil futures fall with Brent settling under $100 a barrel as President Trump postpones threatened attacks on Iranian energy infrastructure, citing positive dialogue with Iran. Iran’s denial it’s in talks with the U.S. tempered early losses. “The markets continue to interpret the conflicting headlines as an indication that we are closer to an end than we were on Friday, but apprehension remains high,” Arlan Suderman of StoneX says in a note. Parties to the conflict are operating on both the battleground front and the public opinion front, he says. “This is all part of what we call the ‘fog of war’ when one has to take everything one hears with a grain of salt, focusing on actual developments.” WTI settles down 10% at $88.13 a barrel and Brent falls 11% to $99.94, their lowest closes since March 11. (anthony.harrup@wsj.com)

Oil Futures Stem Decline As Supply Issues Remain

Oil futures are lower but with Brent holding above $100 a barrel as initial optimism about President Trump’s postponement of threatened attacks on Iranian energy facilities wanes. “It appears that the possibility of a strong Iranian response to the U.S. threats was enough to prompt Trump’s latest decision,” Ritterbusch & Associates says in a note. “A prompt reopening of the Strait of Hormuz remains questionable as will the volume of tanker traffic capable of proceeding through the strait in the coming weeks.” WTI is down 7.1% at $91.25 a barrel and Brent is down 7.8% at $103.41.