Daily Oil Fundamentals
Wishful Thinking or More than Rumours?
01 Apr 2026Wishful Thinking or More than Rumours?
Whether the sharp sell-off in oil prices yesterday and the rally in equities were the result of end-of-month and end-of-quarter positioning or unconfirmed reports of Iran's willingness to end the war is unclear. In the latter case, the reopening of the Strait of Hormuz will be in focus. The possibilities are discussed below. What were, nonetheless, factual developments were the strengthening of the backwardation in both the WTI and Brent structures, notwithstanding the fall in outright prices, renewed overnight attacks on the Gulf states and Iran, and the US warning its citizens in Saudi Arabia to shelter due to alleged threats against US interests in the country.
