May’25 Brent futures has seen weakness this afternoon, trading from just under $71.60/bbl at 1150 GMT down to $70.70/bbl at 1500 GMT, before recovering to $71.20/bbl at 1755 GMT (time of writing). In the news today, a Saudi official has denied reports that Riyadh is providing oil supplies for ongoing US military operations in Yemen, according to Saudi news network Al-Arabiya. Meanwhile, the US director of national intelligence, Tulsi Gabbard, stated that the US will look to other countries affected by Houthi vessel attacks to “similarly take action”, said in an interview with Indian broadcaster NDTV. In other news, President Trump’s talk with President Putin due to take place tomorrow will likely focus on territorial concessions by Kyiv and control of the Zaporizhzhia nuclear power plan. Kremlin spokesman Dmitry Peskov confirmed that Putin would speak with Trump by phone but declined to comment on Trump’s remarks on land and power plants, as per Reuters. Finally, Norwegian police said on Monday they are investigating a break-in at an electricity transformer station near Oslo where an oil spill was discovered on Sunday. National power grid operator Statnett said some 50 to 60 tonnes of oil had leaked from a transformer, believed to be an act of sabotage. At the time of writing, the May/Jun’25 and May/Nov’25 Brent futures spreads stand at $0.49/bbl and $2.52/bbl.
