The Brent futures flat price for the prompt contract has seen a volatile morning. Price action initially strengthened from $83.26/bbl handles at 07:45 GMT to reach highs of $83.83/bbl at 09:25 GMT, however since then, price action has collapsed, falling to $83.09/bbl at 10:05 GMT.
In the headlines today, Iran has confiscated the American cargo of an oil tanker seized in April 2023. The $50m oil shipment was taken by Iranian authorities in response to US sanctions, reportedly hindering the import of specialised medical supplies into Iran. In other news, operations at TC Energy’s Keystone pipeline experienced partial suspension earlier today. This has led to limitations on a vital pathway for transporting Canadian crude to both the U.S. Midwest and Gulf Coast.
The front and 6-month Brent futures spreads are at $0.69/bbl and $3.87/bbl, respectively.
