WTI crude opened slightly higher as the US and Iran remain at odds over how to
reopen the Strait of Hormuz. President Trump said he was "not satisfied" with
the talks. The White House denied an Iranian report that a draft agreement would
have Iran and Oman oversee shipping through the strait. Despite the
difficulties, oil prices remain on track to slip for a second straight week amid
optimism that the two sides could at least reach a temporary deal. The
protracted negotiations hinge on Iran's desire to retain control over the Strait
of Hormuz and the fate of its nuclear program. RABOBANK global energy strategist
Joe DeLaura said: "For now the oil market is too 'comfortable.' Releases from
strategic petroleum reserves are helping to offset some of the supply losses
caused by the war."
