CRUDE WRAP: WTI (K6) SETTLES USD 0.07 LOWER AT USD 95.46/BBL; BRENT (K6) SETTLES USD 3.96 HIGHER AT USD 107.38/BBL

Analysis details (19:52)

Crude was mixed as attacks on Iran's energy facilities left concerns elevated over disruption to supply. WTI and Brent found their lows in the European morning, with the attack of Iran's South Pars gas field and Asaluyeh oil facility helping prices reverse and move rapidly in the green. Tensions grew after reports said Iran will hit enemy sites that were previously thought to be safe, issuing evacuation warnings for several energy facilities across the Gulf. Later, Axios reported that an Israeli official said the strikes on Iran's energy sites were aimed at signalling to Iran that if it continues to disrupt oil supply through the Strait of Hormuz, there could be an escalation in targeting of its energy facilities. Brent notably outperformed WTI on the day, but with both coming under pressure after reports that Iran's Foreign Minister spoke with EU's Kallas; where they discussed the regional situation and the Strait of Hormuz. WTI ended in the red, albeit was notably off the USD 91.45bbl lows. Around WTI settlement, QatarEnergy confirmed that the Ras laffan Industrial City has been subjected to missile attacks, with extensive damage caused. WTI and Brent were lifted on the news, further paring the downside seen in response to the earlier meeting between Iran's FM and EU's Kallas. Elsewhere, no reaction was seen in response to the EIA weekly inventory report. Data was as follows: Crude 6.155mln (exp. -0.58mln), Gasoline -5.436mln (exp. -1.4mln), Distillate -2.527mln (exp. -1.5mln). WTI and Brent traded between USD 91.45-98.67bbl and 100.34-109.95, respectively. No reaction was seen to the Fed holding rates as expected.

18 Mar 2026 - 19:52- EnergyGeopolitical- Source: Newsquawk