Summary

• Oil prices continued to decline on growing expectations that the Strait of Hormuz could reopen.
• Meanwhile, the US Strategic Petroleum Reserve remains at multi-decade lows following sustained drawdowns.
• LME aluminium fell more than 4.4% day-on-day to around $3,380/t, its lowest level since late March, on expectations that the US-Iran interim agreement could allow shipments through the Strait of Hormuz to resume.

By Ewa Manthey, Commodities Strategist and Warren Patterson, Head of Commodities Strategy

Energy – Oil declines on Hormuz reopening expectations

Oil prices fell for a fourth consecutive session, with NYMEX WTI dropping to its lowest level