U.S. Crude Exports Surge To All-Time Highs Amid SPR Releases

Oil prices have pulled back sharply from recent highs, suggesting that the market was optimistically pricing in at least a partial reopening of the Strait of Hormuz and an eventual normalization, following positive statements from the US.

According to commodity analysts at Standard Chartered, these statements were met with heavy algo-selling despite contradictory messaging from the U.S. and Iran, with Washington maintaining its aggressive rhetoric, tightening balances and accumulating lost barrels.

Brent crude for July delivery fell 0.6% to trade…