Brent Oil

Crude shipments through the Strait of Hormuz increased this week to their highest level since the US-Iran war began in February after a ceasefire deal reopened the waterway, data showed.

Crude oil prices have retreated more than 36% from the highs of nearly $120 per barrel reached during the peak of the recent US-Iran war in the Middle East earlier this year.

Concerns over a potential blockade of the Strait of Hormuz — a key maritime route that facilitates nearly one-fifth of global oil and gas shipments — have kept crude oil prices elevated.

US crude oil inventories fell last week for an eighth consecutive week, while gasoline stocks also declined, Reuters reported, quoting market sources citing data from the American Petroleum Institute.

Brent crude futures declined 5.7% to $97.69 a barrel, while US West Texas Intermediate were at $90.85 a barrel, down 6%. Both contracts touched their lowest since May 7 earlier in the session.

Crude oil prices fell over 6% to $102.79 per barrel after Trump announced progress in US-Iran negotiations. The halt in marine traffic through the Strait of Hormuz has contributed to rising prices, while US crude stockpiles have decreased for three consecutive weeks.

US Iran war Highlights: US President Donald Trump rules out setting any timeline for Iran negotiations, saying there is “never a deadline”, claims a deal will “happen,” but timing remains open-ended.

US Iran War LIVE: A senior Iranian military official said on Saturday that fresh clashes with the United States were ‘likely’, just hours after Donald Trump expressed dissatisfaction with Tehran’s latest negotiation proposal.

US Iran War Highlights: Abbas Araghchi said upon arriving in Russia on Monday that his recent trip to Islamabad had been “very productive,” involving constructive discussions with Pakistan’s top leadership, as uncertainty continues over the second round of peace talks on the West Asia conflict.

US Iran War LIVE: Speaking during a meeting with Iranian Foreign Minister Abbas Araghchi, Putin emphasised the urgency of resolving ongoing tensions and restoring peace in the Middle East as quickly as possible.