ING Groep NVINGA
Mentioned
Impact on stocks 1
Financials
ING Groep NVOil surges, WTI breaks above $84, Brent nears $90 as Hormuz deal hopes fade
CommodityGeopolitics Impact 4
West Texas Intermediate crude jumped 2.7% to $84.36 a barrel and Brent crude rose 2.53% to $89.94 a barrel, as hopes for a US-Iran agreement to reopen the Strait of Hormuz dwindled amid the latest signals from both countries that talks remain deadlocked. President Donald Trump stated that the US can control the Strait of Hormuz 100%, while negotiations face new sticking points over compensation claims from both sides. The Trump administration also extended the suspension of shipping restrictions for vessels carrying certain energy resources to boost fuel transport flexibility, as US crude inventories fell to their lowest level in over four decades. ING strategists noted that risks to oil prices remain tilted to the upside, especially if the conflict drags on and the Strait of Hormuz cannot fully reopen.
ING Groep NV