Oil prices headed for steep weekly losses as more stranded oil tankers exited the Strait of Hormuz. US core inflation hit the highest since October 2023, a boon to the US dollar, which takes a toll on energy prices.

Iraq urges OPEC to significantly increase the country’s oil supply quota, following reports it would consider quitting the cartel over the dispute. That would be a heavier blow to the cartel than the UAE’s exit.

IRGS attacked a Singapore-flagged cargo ship, US officials said, testing the ceasefire deal signed last week. Non-OPEC producers are ramping up oil output.

Both Canada and Brazil have set record production. But shale oil production in the US has "probably" plateaued over the past six to 12 months, said Chevron CEO Mike Wirth.

The IMF said on ‌Thursday that it has seen energy and commodity prices fall since Iran reopened the Strait of Hormuz, ⁠but it will take time for prices and Gulf trade flows to normalise.

Crude oil inventories in the US decreased by 6.1 million barrels during the week ending 19 June, according to the EIA. This marks the lowest inventory level since October 1984.

EBC Financial Group analyst says Brent crude was locked in a strong bearish markdown phase, with RSI making new lows alongside the price. Despite that, a dead-cat bounce toward the $79 cannot be ruled out.

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