01.04.202623:41:05UTC+00WTI Eases Further Ahead of President Trump Address

WTI crude futures hovered around $98.82 per barrel on Thursday, extending their recent decline as prospects for de-escalation in the Iran conflict, now entering its fifth week, gained momentum and the White House faced mounting pressure to reduce tensions. President Trump indicated the US could halt military operations within two to three weeks, while retaining the option of limited “spot” strikes. He also said Iran had requested a ceasefire but emphasized that any agreement would hinge on Tehran ceasing its obstruction of the Strait of Hormuz, a claim Iran has denied. Markets are now awaiting his national address for further guidance on policy and strategy.

At the same time, Fatih Birol of the International Energy Agency cautioned that supply disruptions could intensify in April, warning that any prolonged closure of the Strait would restrict crude flows and particularly burden Europe. Separately, US crude inventories surged by 5.5 million barrels to 461.6 million in the week ended March 27, far exceeding expectations and marking a sixth consecutive weekly increase, underscoring the current abundance of supply.