Daily Oil Fundamentals

Painfully Slow, but at least Progress

27 May 2026

Painfully Slow, but at least Progress

Banking money is more tempting than cutting losses. Destroying is much easier than creating. Starting a war is much simpler than ending it. The military adventure in the Persian Gulf is contemporary proof of this. Twists and turns are integral to the ongoing conflict and to the peace negotiations between the US, Israel, and Iran. Monday’s sharp drop in oil prices, triggered by President Trump’s Saturday announcement of an imminent negotiated deal, was partially reversed yesterday after the US reportedly conducted ‘defensive strikes’ on Iranian vessels and missile sites, prompting Iranian accusations that the US had violated the ceasefire agreement.

Daily Oil Fundamentals

In What Do We Trust?

26 May 2026

In What Do We Trust?

“It’s the hope that kills you.” The modern philosophy usual associated with sports is too tasty not to prepend what is going on in the Middle East, for it seemed as if the protagonists, or antagonists, involved in this pointless war had been limping toward some sort of workable workaround. If this appears further away this morning due to the attacks by the US on Iranian ships attempting to lay mines in the Strait of Hormuz, it probably is.

Daily Oil Fundamentals

Reality Fails to Check in

22 May 2026

Reality Fails to Check in

Once again, oil and equities yo-yoed and danced to the tune of the narrative surrounding the Persian Gulf. And what a vibrant day it was. Wednesday’s sell-off in oil continued into the early hours of yesterday’s session after the US President confidently announced that negotiations with Iran were in their final stages. A sharp reversal was triggered after Reuters reported that the Iranian Supreme Leader had issued a directive stating that the country’s near-weapons-grade uranium must not be sent abroad, one of the key demands of the US. Then again, news of a draft agreement between the two countries produced yet another handbrake turn, sending oil $6/bbl lower within the space of three hours