Oil Holds Five-Day Gain With Focus on Hormuz Stalemate, Deficits

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Holds Five-Day Gain With Focus on Hormuz Stalemate, DeficitsOil held the bulk of a five-session gain, as traders waited for signs of progress toward reopening the Strait of Hormuz.Author of the article:Kanoko Matsuyama and Mia Gindis You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil held the bulk of a five-session gain, as traders waited for signs of progress toward reopening the Strait of Hormuz.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWest Texas Intermediate traded below $83 a barrel after rising 11% over the previous five days, while Brent ended near $88 on Wednesday. On the diplomatic front, there was little sign of progress on reopening the waterway, with President Donald Trump saying the US has “total control” over the conduit.Talks between the US and Iran appear deadlocked as both sides harden their positions, with Washington pressing on with a blockade of the Islamic Republic’s ports to raise the economic pressure against Tehran. Pakistan — which has acted as a mediator — said the larger peace process had stalled, although a deadline for a US-Iran memorandum of understanding could be extended.Crude is headed for a weekly gain after months of volatile trading, with traders tracking on-off efforts by Tehran and Washington toward ending their conflict. The war in the Middle East, coupled with fighting between Ukraine and Russia that’s seen waves of strikes against energy infrastructure including ports and refineries, have tightened oil and product markets.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe global oil market faces a shortfall of 1.8 million barrels a day this quarter, more than double an earlier projection as the US-Iran war drags on, according to the International Energy Agency. For 2026 as a whole, the deficit will likely be the widest in five years, the IEA said in a report on Wednesday.Still, US crude stockpiles swelled 17.4 million barrels last week, the largest increase since January 2023, according to the Energy Information Administration. The build was mostly on the Gulf Coast, driven by weaker exports and a surge in imports, including the return of Saudi oil and Venezuelan crude.For US consumers, gasoline and diesel have never been this expensive, this late in the year, according to the American Automobile Association. That comes as millions of Americans typically take to the road for vacations and family visits.“Oil and product markets are set to see upside,” said Bart Melek, global head of commodity strategy at TD Securities, citing factors including crude deficits heading back toward 4 million barrels a day.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.