Brent crude rose 4.1% to $94.72/bbl in European morning trade, a near seven-week
high, while WTI gained 4.1% to $87.78, after Trump downplayed the likelihood of
immediate talks with Iran. Market sources said transits through the Strait of
Hormuz have fallen sharply and many tankers are rerouting via the Bab el-Mandeb.
Reported attacks on tankers at Black Sea ports prompted the Caspian Pipeline
Consortium to suspend shipments from Kazakhstan and stop receiving Kazakh crude.
ING said Brent slightly above $91 looks undervalued given renewed Persian Gulf
supply disruptions, Red Sea risks to Saudi exports and Black Sea developments,
especially if outages persist into August.
