The Iranian conflict has shifted the global oil market from oversupply to a shortage of 750,000 barrels per day

Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 913,000 barrels, the EIA said. Analysts surveyed by The Wall Street Journal had predicted a 900,000 barrel increase in crude stocks.

Europe’s oil majors are set for strong earnings, driven by exceptional trading profits amid extreme volatility in global oil and gas markets.

These energy stocks have ample fuel to grow even if oil prices fall.

According to Tommy Grisafi of Nesvick Trading money flow the last two sessions in the outside markets had a huge impact on ag markets.

The U.S. is taking a whole-of-government approach to tackle rising prices, including releasing oil reserves to easing sanctions on Venezuela.

Oil futures finished flat as traders awaited more clarity about a potential second round of US-Iran talks, a possible extension of the ceasefire, and the reopening of the Strait of Hormuz.

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Brent crude oil price will be in the spotlight on Monday after talks between the United States and Iran failed to achieve a deal, raising the possibility that the ceasefire will end. It ended last week at $94.25, down from the year-to-date high of $119.45.