Analysts at Ritterbusch and Associates said they, “believe that a significant decline in production or any unexpected supply disruption could prompt an outsized price response. And although export activity has ramped up in recent days, supportive impact has been largely offset by the increased output.”
Iran described US proposals to end a month of war in the Middle East as “unrealistic, illogical and excessive” and unleashed more missiles on Israel.
Meanwhile, US President Donald Trump issued another warning to Iran to open the Strait of Hormuz, a waterway used for shipping a fifth of global oil and liquefied natural gas supplies, or risk US attacks on its energy infrastructure.
(Reporting by Sarah Qureshi in Bengaluru; Editing by Andrea Ricci and Nick Zieminski)