Iran insists Hormuz stays shut until sanctions relief, end of blockade
Iran insists Hormuz stays closed until sanctions are waived and blockade ends; US strikes Qeshm island. Talks via Qatar with 36-hour deadline.
6 h ago15 min read
EIA crude inventories drop 865K barrels versus expected 877K build
Weekly EIA data showed US crude inventories fell 865K barrels versus an expected 877K build; gasoline and distillates also fell. WTI slipped $2.08 to $93.99.
04/11/2026 16:123 min read
- The prior week's figure was -1892K.
- Gasoline came in at -222K, versus the +153K that had been expected.
- Distillates were -3565K, compared with a forecast of -100K.
Data from the API late yesterday:
- Crude was -5267K.
- Gasoline was +1427K.
- Distillates came in at -270K.
The dominant topic today is Trump and the war with Iran. One line of thinking is that he will lay the Iran war at the feet of his advisors or other people and try to end it. During the post-election analysis, the loss is being attributed by all sides to an unpopular war and rising gasoline prices. Trump, on the other hand, could decide to press ahead with escalation and go all out to defeat Iran, with an eye toward securing his legacy.
At last check, WTI crude was down $2.08, trading at $93.99 per barrel.
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