Wednesday’s jump in oil prices to a two-week high suggests that market participants were too complacent about the U.S.-Iran ‘deal to make a deal’ and that the ceasefire would hold and oil flows through the Strait of Hormuz would only increase, analysts at ING said on Thursday.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.0 million barrels from the week ending June 26 to the week ending July 3.