- Oil cools as Trump delays strike decision on Iran
- The WTI prompt-month contract rose $0.20 to $75.34/Bbl Friday morning (7:45 AM CT)
- President Trump said he would decide within two weeks whether to strike Iran, indicating a window for diplomacy remains open
- Iran responded that it will not engage in talks with the U.S. while Israeli attacks continue; President Masoud Pezeshkian stated the conflict will only end if the aggression stops unconditionally
- While Iran signaled a willingness to discuss limits on nuclear enrichment, it rejected the idea of halting enrichment entirely, a position at odds with Trump’s demand for zero enrichment
- China’s record crude reserves ease concerns over Iran supply risk (Bloomberg)
- Chinese refiners are not alarmed by potential disruptions to Middle Eastern supply due to the country’s record 1.18 MMBbls in oil stockpiles
- High inventories, weak refining margins, and seasonal demand softness are allowing refiners to wait before seeking alternative crude sources
- With ample local stocks, Chinese refiners can weather short-term outages, and may reduce runs if Iranian supply is permanently lost
- Iran rushes oil exports ahead of possible escalation (Bloomberg)
- Iran is pushing to export as much crude as possible, rapidly filling storage tanks at Kharg Island and loading outbound shipments
- Satellite data show tanks at Kharg Island were partially filled on June 11 and nearly full by June 18, indicating a sharp inventory build
- Tehran is staging tankers offshore and delaying final loading to reduce vulnerability and maximize export volumes under threat of disruption
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