Oil News: Aramco CEO Warns 100M Barrels Weekly Supply Loss May Extend Crisis
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June WTI crude oil futures surged above $100 after Trump rejected Iran’s proposal and Aramco warned of massive global supply losses.
June WTI Punches Through $100 as Trump Calls Iran’s Offer Garbage
June WTI crude oil futures hit $102.05 Tuesday morning and the move is not subtle. Trump looked at Iran’s latest peace proposal and called it garbage. He said the ceasefire was on massive life support. The Strait of Hormuz is still blocked. Saudi Aramco’s CEO says the world is losing 100 million barrels of supply every week and if the blockage runs past mid-June the market may not normalize until 2027. The charts were already set up for this move. The fundamentals just lit the fuse.