US EIA Weekly Crude Production Change, bbl -13k (Prev. 1k)
The US EIA's report shows a minor decline in weekly crude production, with a drop of 13k barrels compared to a previous increase of 1k barrels.
"Members of the Security Council see the US-Gulf draft resolution as similar to the one opposed by Russia and China", Al Jazeera reports citing diplomatic sources
Some members of the Gulf Cooperation Council do not view the draft on Hormuz as being particularly different from the document vetoed last week
US EIA Weekly Crude Production Change, bbl -13k (Prev. 1k)
No agreement has been formed between the US and Iran, Nournews reports citing sources. Narratives are part of a "media creation".
Iran's Foreign Ministry Spokesman says "The concept of “negotiations” requires, at the very least, a genuine attempt to engage in discussions with a view to resolving the dispute"
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This slight contraction may signal tightening supply dynamics, which could lend upward support to oil prices, particularly for WTI and Brent benchmarks. Traders should consider how this aligns with broader supply trends and geopolitical factors affecting the energy market.
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