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On August 26, according to Sepah News, the official news website of the Iranian Revolutionary Guard Corps, Revolutionary Guard spokesman Hossein Mohbi stated regarding the latest situation in the Strait of Hormuz: "The Strait of Hormuz is currently under our control, and there are no enemy warships in the Persian Gulf." He added, "From a military and territorial jurisdiction perspective, no vessel can pass through this waterway without Iranian permission and administration." Mohbi stated, "The Strait of Hormuz belongs to Iran and Oman, which is separated from us by the sea. About a month ago, we began negotiations with Oman and achieved results acceptable to both sides." "In these negotiations, the two sides reached some agreements on the respective shares of the straits waters and the revenue shares that Iran and Oman would receive from it." "The United States is interfering in this process, which has caused delays in the relevant work." He emphasized, "If the United States does not accept our conditions, the Strait of Hormuz will never be opened."A spokesman for the Iranian Revolutionary Guard said: "The Strait of Hormuz will not be opened if the United States does not accept our conditions."A spokesperson for the Iranian Revolutionary Guard stated that the United States is obstructing the negotiation process between Oman and Iran, causing delays in the talks.August 26 (Xinhua) -- Iranian President Pezechzian said at a meeting in Tehran on the 26th that the new round of US economic sanctions would be fruitless. Pezechzian stated that given the measures already taken by the Iranian government, the USs current economic pressure will not yield any results, just as it has failed to achieve anything in the war.On August 26, Qatari Foreign Ministry spokesman Ansari stated on August 25 that the US sanctions against Iran are unilateral, not UN or multilateral, and that those who decided to impose the sanctions should be questioned. Ansari emphasized that Qatar has always prioritized reaching a diplomatic solution through dialogue, believing it to be the only way out of the regional crisis, and called on all parties to participate in this process in good faith. Ansari also called for international pressure to be applied to Israel to respect the agreed-upon plans. He pointed out that Israels activities in the Gaza Strip and the West Bank, as well as its attacks on Syrian and Lebanese sovereignty, demonstrate that "Israel has no peace partners." Ansari stated that "the ball is now in Israels court," and if Israel wants to be part of the region and demonstrate its seriousness in seeking a diplomatic solution, it needs to abide by the agreements, and so far, there has been no positive progress in this regard.

WTI struggles to prolong its two-day uptrend below $78, as negative sentiment undermines expectations for China-led oil demand

Daniel Rogers

Mar 02, 2023 15:46

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Following a two-day uptrend that reached the greatest levels in a fortnight, the price of WTI crude oil fluctuates between $77.80 and $90 early Thursday.

 

The recent struggles of the black gold may be related to the contradictory signals encircling China and the Oil equities. However, negative sentiment and the resurgence of the US Dollar appear to be the quote's greatest obstacles to the upside.

 

In addition, higher-than-anticipated US inventories weigh on the energy benchmark. The weekly data from the US Energy Information Administration (EIA) indicates a 1.165M increase in Oil inventories, compared to the expected 0.45M increase and the previous level of 7.648M.

 

The willingness of US President Joseph Biden to continue pumping the markets with the Strategic Petroleum Reserve (SPR) and the absence of offers for Russian Oil also exert downward pressure on the price of WTI crude oil.

 

The latest New York Times (NYT) headlines suggest a potential rift between the United States and China at the important event. According to the news, "China is urging the start of peace talks, and some Group of 20 nations may support that notion when they meet in India, but U.S. officials contend Russia would not negotiate in good faith."

 

It should be noted, however, that the recent uptick in China activity data and optimistic remarks from the dragon nation's policymakers keep black gold purchasers optimistic. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

However, hawkish remarks from policymakers of the US Federal Reserve (Fed), the Bank of England (BoE), and the European Central Bank (ECB) highlighted the need for additional rate hikes to combat inflation issues, which exerted downward pressure on the price of oil.

 

In response to these events, 10-year US Treasury bond yields surpassed 4% for the first time since early November 2022, while 2-year yields ascended to their highest levels since June 2007 by flashing 4.91%. The increase in US Treasury bond yields reflects the market's concerns, which in turn have impacted on bulls on Wall Street, S&P 500 Futures, and WTI bulls recently. Consequently, S&P 500 Futures were down 0.5 percent as of press time despite the varied closing of Wall Street benchmarks.

 

Moving on, G20 updates could be combined with comments from central bankers and secondary US data to amuse Oil traders.


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