Oil eased after a five-day rally, with WTI sliding below $82/bbl and Brent
briefly dipping under $87 after a cumulative five-day gain of about 11%. Traders
are waiting for signs of progress on reopening the Strait of Hormuz; there has
there has been little movement and Trump said the US has "complete control" of the
waterway. The IEA said that with the US‑Iran war continuing the global oil
market faces roughly a 1.8 mln bpd supply gap this quarter—more than double its
prior estimate—and warned 2026 could see the largest shortfall in five years.
The American Automobile Association said US gasoline and diesel prices are at
their highest for this time of year.
