WTI Retreats USD 4.40 Over Five Sessions as US-Iran Ceasefire Probability Falls to 30%

Chevron Chairman & CEO Mike Wirth discusses the impact of the war in Iran on oil prices and global supplies, multiple attacks this week on vessels transiting the Strait of Hormuz, the company’s view on Venezuela, and potential oil and gasoline shortages. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)

Chevron CEO Mike Wirth discusses the risks for tankers transiting the Strait of Hormuz and says that multiple vessels have been attacked in recent days. “We see risks very real still in that environment,” Wirth said on “Bloomberg Surveillance.” (Source: Bloomberg)

Chevron CEO Mike Wirth discusses the impact of the war in Iran on oil prices and global supplies and says the company would not consider paying a toll to traverse the Strait of Hormuz. (Source: Bloomberg)

Biggest monthly decline in Brent crude since 2020 comes amid signs US and Iran could be close to a deal

Headlines: Deal or no deal? Markets continue to eye US-Iran headlines ahead of the weekend Japan spent ¥11.7 trillion on foreign exchange interventions in the past month Japan chief cabinet secretary says extremely concerned about speculative FX moves Fed policymaker Schmid: My primary concern is inflation, which is too hot BOE governor Bailey: We have already tightened policy by taking rate cuts off the table German states see slight drop in inflation pressures in May French inflation continues to pick up in May, highest reading since February 2024 Inflation pressures continue to hold up in Spain, core prices nudge a little higher Italy inflation continues to push up in May, core prices nudge higher as well German unemployment falls unexpectedly in May, jobless rate down slightly as well German import prices climb further in April as US-Iran conflict continues to reverberate Markets: WTI crude down 1.7% to $87.40 DAX up 0.1% while CAC 40 up 0.7% on the day S&P 500 futures up 0.1%, Nasdaq futures up 0.1% US dollar lightly changed across the board US 10-year yields down 1.4 bps to 4.44% Gold higher by 0.8% to $4,530 As we get into the final stretch of the week, the US and Iran are still yet to formalise a deal and sign off on the expected memorandum of understanding. This is one that has been "imminent" since the past weekend already. Yet, here we are. It seems like we are close but come what may, this doesn't mean the end of the conflict - even if the deal is going to be labelled as such. Just a bit of background: How close are we actually to a US-Iran endgame? US and Iran know what the puzzle pieces are, but can they fit them all together? Still, markets remain hopeful and we're seeing a steadier mood in European morning trade today. Oil prices are down once again with WTI crude lower by 1.7% to $87.40. That comes as equities are continuing to nudge up, with S&P 500 futures up 0.1% following another round of gains in Wall Street yesterday. In Europe, we're se