The Commodities Feed: Oil moves higher as peace talks look shaky in Oil & Companies News 23/04/2026 Energy- Resolution hopes fade Hopes for a resolution between the US and Iran are fading as peace talks stall. In addition, Iran’s seizure of two vessels attempting to transit the Strait of Hormuz suggests disruptions to shipments are set to continue. The market is having to reprice expectations. This saw Brent break convincingly back above $100/bbl. As hopes fade, the reality of the supply disruption will set in, leaving further upside for prices. If no progress is made, the market will become increasingly numb to the noise and headlines that have dictated price action recently. Meanwhile, we continue to see growing demand destruction in the oil market, a trend that will intensify as Persian Gulf supply disruptions persist. Airlines continue to announce flight cancellations amid a tightening in jet fuel supply and significant price strength. Europe’s jet fuel market is heavily exposed to developments in the Middle East. The region sources the majority of its jet fuel imports from the Persian Gulf. There is a push for Europe to look elsewhere for alternative supplies, while also relying heavily on inventory. Jet fuel inventory in the ARA region has been declining rapidly in recent weeks, reaching its lowest levels since the Covid era. Meanwhile, Energy Information Administration data continue to show that the US is exporting record amounts of oil and refined products, as buyers around the globe seek alternative supplies. Total oil and refined product exports over the last reporting week increased by 137k b/d to 12.88m b/d. The recent increase in exports has been driven predominantly by refined products, with flows rising by 564k b/d week-on-week to break above 8m b/d for the first time. Although the US market has been relatively shielded from Middle East supply disruptions, prolonged instability tightens conditions as global buyers increasingly turn to US supplies. US commercial crude oil inventories increased by 1.93m barrels over the last week. After taking into account SPR releases, total crude oil inventories fell by 2.21m barrels. Given stronger refined product exports, gasoline and distillate fuel oil stocks fell by 4.57m barrels and 3.43m barrels, respectively. Meanwhile, implied demand for refined products came under pressure over the last week, falling by 1.07m b/d WoW. The move was dominated by a decline in fuel oil and propane demand. In gas markets, investment funds continued to reduce their net long in TTF over the last reporting week on the back of hopes of a resolution in the Middle East. Funds sold 11.5TWh over the week, leaving them with a net long of 260.2TWh. However, with hopes of a quick resolution fading, this fund selling is likely to ease. Metals – Cautious optimism, but risks remain Copper and aluminium edged higher yesterday after US President Donald Trump extended the Iran ceasefire indefinitely, reducing near-term geopolitical risk. However, the Strait of Hormuz remains closed, with Tehran signalling it will not reopen the route while the US blockade persists. Signals across the metals complex remain mixed. Demand is still under pressure as elevated energy costs weigh on global growth. Aluminium has found support from supply disruptions in the Middle East, which accounts for around 9% of global output. Copper supply faces growing risks, amid potential sulphuric acid shortages due to shipping disruptions and Chin