Vincent Wu
Research Associate, Flux
Brent to $90/bbl
US trade deficit narrowed; Kuwait resumes oil exports to Asia; India offers jet fuel hedge.
Published: June 9, 2026
Written by:
Vincent Wu
4 page report
Front-month Brent futures broke through its 100-day moving average this afternoon, dropping from over $93.00/bbl at 13:30 BST to $90.05/bbl at the time of writing at 17:05 BST.
The US trade deficit narrowed in April to $55.9 billion, as exports grew faster than imports. Exports rose 2.6%, led mainly by stronger crude oil shipments, while imports increased 2%, especially in electronics. The improvement was small but better than expected, with oil exports playing a key role in reducing the gap. Kuwait is offering about 4 million barrels of crude oil to Asian refiners (including buyers in China and South Korea) for the first time since the Iran-related conflict disrupted shipping in the Strait of Hormuz. The move suggests that oil exports through the key waterway are gradually resuming, helped by increased security coordination and growing confidence among Gulf producers. The oil is reportedly being sold directly by Kuwait Petroleum Corp. and has already passed through the Strait, allowing quick delivery to Asia. India has launched a jet fuel price-stabilisation scheme that allows airlines to lock in fuel at 115 rupees per litre for up to three years. The price is about 10% above current levels, but it protects carriers from future fuel-price spikes linked to the Iran conflict. Airlines can choose whether to join, and none have signed up so far. The government has set aside 100 billion rupees to support the program. A White House official speaking to Al Arabiya TV said that recent US–Iran nuclear talks have made “positive progress”, suggesting the two sides are moving closer on a framework aimed at preventing Iran from obtaining nuclear weapons. Finally, the Aug/Sep’26 and Aug/Feb’27 Brent futures spreads are at $1.54/bbl and $7.72/bbl, respectively.
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