Oil Holds Gain as Trump Vows to Hit Iran and US Stockpiles Slump

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Or sign-in if you have an account.0}[oj8uglz0ss}478(rdl9el_media_dl_1.png Nymex, Bloomberg(Bloomberg) — Oil steadied after its biggest daily jump in more than two weeks, as President Donald Trump vowed fresh strikes in Iran and US stockpiles fell.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 was little changed above $84 a barrel after rallying by almost 7% in the previous session. Brent closed near $91 on Wednesday.Trump told Fox News that Iran would be hit hard after an attack on US forces on Jordan. Washington’s conflict against Tehran looks set to drag on, possibly for months, with the sides unable to break a deadlock over the Strait of Hormuz and achieve a lasting ceasefire deal, according to several current and former officials from the US, Iran and Europe.In the US, commercial crude stockpiles posted their biggest decline since mid-June, reinforcing signals of a tightening physical market after months of conflict in the Middle East. Holdings in the Strategic Petroleum Reserve dropped for an 18th week to hit the lowest since 1983.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 againGlobal energy markets have been rocked by a fresh round of volatility this month, as investors navigated an initial pause in hostilities between Iran and US, followed by renewed fighting. The conflict appears to be spreading, with Iran-backed Houthi rebels in Yemen threatening a blockade of Saudi Arabia, while Riyadh’s forces joined with the US to strike targets in Iraq.“Markets have jumped the gun on hopes of renewed peace, especially considering Iran’s insistence on controlling the strait under any potential deal,” said Bart Melek, global head of commodity strategy at TD Securities. “We continue to see reduced flows and global tightening of the energy market as supportive of further upside in crude oil.”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. 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