WTI oil price holding at approximately $71.50 - April 1

[dan_s]

WTI gained over $2/bbl yesterday as the political pressure on Iran heats up.

Today Iran's Revolutionary Guard has seized two foreign oil tankers in the Persian Gulf, accusing them of smuggling diesel fuel, according to state media. The latest seizure comes amid ongoing tensions with the United States over maritime security in the region.

Newsweek: "The incident highlights Iran's continued efforts to assert control over Persian Gulf waters, a crucial route for global energy supplies. With past tanker seizures straining relations between Tehran and Washington, the move could escalate tensions further. Iran has long cited fuel smuggling and maritime violations as justification for its actions, but critics argue these seizures are part of a broader geopolitical strategy."

OPEC+ exports declined in March. Russia and Venezuela exports are expected to be down in April.

Video lists several fundamental reasons why the global oil market is tightening: https://anasalhajjieoa.substack.com/p/brent-above-75-why?utm_source=podcast-email&publication_id=1222998&post_id=160337853&utm_campaign=email-play-on-substack&utm_content=watch_now_button&r=5uidl&triedRedirect=true&utm_medium=email