Physical crude markets have also firmed again in recent days, offering a reminder of the wider supply tightness that’s hitting the global oil industry.

Skepticism about a deal to reopen the Strait of Hormuz intensified after the Trump-Xi summit failed to advance a diplomatic solution to the Mideast war.

Physical crude markets have also firmed again in recent days, offering a reminder of the wider supply tightness that’s hitting the global oil industry.