ICE Brent crude speculators increase net long positions by 76,253 contracts to 273,175 as of June 17.

ICE Brent crude speculators increase net long positions by 76,253 contracts to 273,175 as of June 17.

Oil prices have been volatile in recent days due to ongoing tensions between Israel and Iran, with Brent crude speculators increasing their net long positions. As of June 17, the net long positions for Brent crude futures have risen by 76,253 contracts to 273,175 [1].

On Monday, June 16, global oil prices fell following military strikes between Israel and Iran. Brent crude futures dropped 58 cents, or 0.8 per cent, to $73.65 a barrel by 0900 GMT, while US West Texas Intermediate (WTI) fell 51 cents, or 0.7 per cent, to $72.47 a barrel [1]. The conflict has not yet impacted oil production or export facilities, but the oil market is closely monitoring the Strait of Hormuz, a vital waterway for global oil transport [1].

The Indian Oil Minister, Hardeep Singh Puri, assured that there is no need to worry and that India has sufficient fuel reserves [1]. He stated, "India has ample reserves of petroleum products like petrol, diesel, and LPG, and our production capacity in this area is also increasing" [1].

Oil prices fell nearly 2% on Wednesday, June 18, as investors weighed the chance of supply disruptions from the Iran-Israel conflict and potential direct U.S. involvement [2]. Brent crude futures fell $1.40, or 1.8%, to $76.73 a barrel by 10:41 a.m. EDT, while U.S. West Texas Intermediate crude dropped $1.29, or 1.7%, at $73.55 [2]. The Middle East conflict and risk of slowing global growth could push the Fed to cut rates by 25 basis points in July, sooner than current expectations of September [2].

The Brent crude oil price stood at $67.03 U.S. dollars per barrel on June 9, 2025, compared to $65.29 for WTI oil and $66.48 for the OPEC basket [3]. Crude oil prices are influenced by supply and demand, as well as inventories and market sentiment. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty [3].

References:
[1] https://www.financialexpress.com/policy/economy-brent-crude-slips-1-all-eyes-on-output-from-iran-indias-petroleum-minister-assures-no-need-to-worry-3881758/
[2] https://www.marketscreener.com/quote/index/S-P-GSCI-PETROLEUM-INDEX-46869201/news/Oil-falls-2-as-Iran-Israel-conflict-enters-sixth-day-50269196/
[3] https://www.statista.com/statistics/326017/weekly-crude-oil-prices/