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Bad weather including flooding in the Midwest, along with pipeline outages, has caused turmoil in cash markets for both crude oil and refined products across the U.S., Reuters reported on Tuesday citing various trading sources. Up to 48 cm of rain has fallen in parts of Oklahoma over the month of May, and flooded areas of Arkansas and Oklahoma were last reported to be bracing for more rain that will feed the already-swollen Arkansas River. The Ozark pipeline, which is able to move about 360,000 bpd of crude oil, was reported on Tuesday by market intelligence firm Genscape to be shut down. The Ozark moves  crude oil from Cushing, Oklahoma to the Phillips 66 Wood River refinery in Roxana, Illinois.

The supply of Ural crude oil from Russia to Poland and Germany is expected to be fully restored in July, according to plans made by Russia's pipeline monopoly Transneft. Supplies along the Druzhba pipeline, which has capacity to move 1 mil bpd, have been suspended since April 25 due to contaminated oil that buyers do not want stuck in the pipeline. Last week, Russian Deputy Prime Minister Dmitry Kozak said that the segment of the pipeline from Russia to Poland will be cleaned up by June 10.

Iran's Deputy Foreign Minister said on Tuesday that his country is ready for dialogue with Arab Gulf countries, to address escalating geopolitical tensions. Abbas Araqchi met Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani in Doha, where the two sides "expressed their concern about escalations and problems in the region." Separately, a spokesman from Iran’s foreign ministry stated that Iran sees no prospect of negotiations with the U.S., in a retort to U.S. President Donald Trump’s comments the previous day. Trump said on Monday that "I really believe that Iran would like to make a deal, and I think that's very smart of them, and I think that's a possibility to happen." When asked to respond to Trump's comments, Iran’s Foreign Ministry spokesman Abbas Mousavi was quoted as saying that "we currently see no prospect of negotiations with America … Iran pays no attention to words; What matters to us is a change of approach and behaviour."