Oil is trading moderately higher as investors assess a peace deal in the Persian Gulf.

At 8:50 am (Brasilia time) this Wednesday (17), the August contract of WTI crude oil recorded a moderate increase of 0.78% in New York Mercantile Exchange (Nymex), quoted at US$75.86/barrel. The contract for the same month for the Brent It was advancing 0.61% in Intercontinental Exchange (ICE), trading at US$79.44/barrel. On the other hand, so far this week, the fuel has accumulated losses of 9.01% and 9.05%, respectively. 

In the last trading session (16), WTI closed down 4.86%, at US$ 80.75/barrel, and Brent fell 4.76%, to US$ 83.17/barrel. 

This morning, fuel prices were driven by a technical adjustment in positions, following the significant decline seen in recent days, as investors assess the peace agreement between the United States and Iran to resume oil flows in the Strait of Hormuz. 

Furthermore, the market is monitoring tensions in Eastern Europe. According to the mayor of Moscow, Sergei Sobyanin, an oil refinery facility of Gazpromneft was damaged by drones from Ukraine, the day before. The attack was also confirmed by the Ukrainian president, Volodymyr Zelensky, on their social media.

The damaged unit belonging to the Russian company is the largest in the Moscow region. The Gazpromneft plant processed approximately 11.6 million tons of oil in 2024, according to company data.

Meanwhile, the American Petroleum Institute (API) The API announced yesterday that US inventories fell by 8.330 million barrels last week. The API figures are considered a preview of the official data. Energy Information Administration (EIA), which will be released today.

This text was translated by machine from Brazilian Portuguese.