Khaberni - Oil prices stabilized near their highest levels amid concerns about global supplies and mixed US data reflecting turmoil in energy markets.
Oil prices stabilized on Thursday, maintaining the gains of the previous session, amid a stalemate in peace talks between Iran and the United States, at a time when both countries continue to impose restrictions on trade flow through the Strait of Hormuz.
According to Reuters, Brent crude futures fell 19 cents, or 0.2%, to $101.72 a barrel, after surpassing the $100 level for the first time in more than two weeks at Wednesday's settlement.
West Texas Intermediate crude futures also fell 19 cents, or 0.2%, to $92.77 a barrel.
Both benchmark crudes ended Wednesday's trading session up more than $3, supported by a larger-than-expected draw in US gasoline and distillate inventories, along with ongoing stalemate in peace talks.
Bjørn Schieldrop, an analyst at SEB bank, said: "The market may be about to shift from expecting an imminent agreement to a scenario that could take much longer. If the expectations of reopening the strait in early May are not met, prices are likely to rise, both for crude oil and petroleum products."
While US President Donald Trump extended the ceasefire between the two countries at the request of Pakistani mediators, Iran and the United States still impose restrictions on ship passage through the Strait of Hormuz.
About 20% of the global daily supplies of oil and liquefied natural gas passed through the strait before the outbreak of the war at the end of February, following American and Israeli attacks on Iran.
In a new escalation, Iran detained two ships in the Strait of Hormuz. Meanwhile, Trump maintained the blockade imposed by the US Navy on Iranian maritime trade, while the speaker of the Iranian parliament and chief negotiator Mohammad Baqer Ghalibaf confirmed that a full ceasefire would not be meaningful without lifting the blockade.
Sources in the shipping and security sectors mentioned that the US military intercepted at least three oil tankers flying the Iranian flag in Asian waters, redirecting them away from locations near India, Malaysia, and Sri Lanka.
White House spokeswoman, Carolaine Levitt, said that Trump did not set a deadline for the end of the extended ceasefire.
On another note, the total exports of crude oil and oil products from the United States increased by 137,000 barrels per day, reaching a record level of 12.88 million barrels per day, amid increased purchases by Asian and European countries of American supplies following the disturbances related to the war with Iran.
The US Energy Information Administration data showed an increase in crude oil inventories, in contrast to declines in gasoline and distillate stocks.
Crude inventories increased by about 1.9 million barrels, compared to expectations of a decline of 1.2 million barrels, according to a Reuters survey of analysts.
Meanwhile, gasoline stocks fell by 4.6 million barrels, while expectations pointed to a draw of 1.5 million barrels. Distillate stockpiles also decreased by about 3.4 million barrels, against expectations of a 2.5 million barrel decline.
