- Oil is trading slightly higher, around $86.50, reversing some losses from yesterday
- Officials in Israel reportedly said that ceasefire talks are making progress after saying they would withdraw some troops yesterday
- Saudi Arabia increased the price of its exports to Asia for the second consecutive month
- Vitol sees oil trading between $80-100 this year on strong demand (BBG)
- According to Vitol, the world's largest independent oil trader, prices are likely to stay between $80 and $100/Bbl in 2024
- Consumption growth is expected to be robust while OPEC continues to remove supply from the market
- The company said that while Chinese oil demand is expected to continue to grow in the near term, they expect it to peak “fairly soon”
- Iran says it will not block Hormuz Strait (BBG)
- The head of the Islamic Revolutionary Guard Corps said while they have the option of blocking the Strait of Hormuz, they choose not to
- Iran has threatened to retaliate against Israel following the bombing of the Iranian embassy in Syria last week
- This has contributed to the geopolitical risk premium in crude oil, as it risks a wider regional conflict, which could disrupt supply
