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WTI opens the week near $101.50 per barrel, essentially flat from Friday's close, as traders parse the latest signals out of the U.S.-Iran diplomatic track. WTI trimmed its weekly gains late last week after Iran delivered an updated peace proposal to the U.S. government, with President Trump acknowledging progress but expressing doubt that a deal would materialize. That ambiguity — progress without resolution — is the market's operating environment right now, and it creates two-way risk on every headline.
Both the U.S. and Iranian blockades remain in place, with neither side having removed them despite the ceasefire — a key sticking point in ongoing Pakistan-mediated negotiations covering Hormuz freedom of navigation, Iran's nuclear program, and sanctions relief. Until one of those blockades blinks, the physical supply picture stays tight and the floor under oil prices holds.
This is likely true for propane prices; the floor has been artificially raised due to the increasing costs for crude oil. As we have discussed, once there is a resolution to the war in Iran, propane prices are likely to drop, as the inventory glut has not receded.
