Commodities Feed: Oil Trades Lower as US-Iran Deal Noise Grows

Oil prices and European gas have retreated as noise grows around a possible US-Iran deal to end conflict and reopen the Strait of Hormuz. Simultaneously, US producers are ramping up drilling activity, with rig counts hitting their highest level since 2025.

Key Takeaways

• 1.Oil prices have dropped below $100/bbl due to increasing speculation and headlines regarding a potential deal between the US and Iran.
• 2.US drilling activity is seeing a significant uptick, with the oil rig count recording its largest weekly increase since early 2023.
• 3.European natural gas prices are under pressure, falling below EUR46/MWh, while storage levels remain significantly below the five-year average.

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