Wti Crude

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.

Crude oil prices fell sharply due to reduced demand in China, with Brent crude at $89.57 and WTI at $86 per barrel. China's imports hit an eight-year low, while easing Middle East tensions and US-Iran peace talks added pressure on prices, despite previous predictions failing to materialise.

Crude oil prices fell on 29 May after tentative US-Iran ceasefire talks raised hopes for smoother oil flows. Brent crude dropped nearly 19% in May, while WTI hovered around $87. Ongoing discussions may impact future prices amid geopolitical uncertainties.

Crude oil prices fell significantly on 25 May, with Brent at $95.95 and WTI at $89.44 per barrel, amid hopes for a US-Iran peace deal. Diplomatic efforts continue, but major disagreements remain, keeping oil prices volatile as tensions fluctuate.

Crude prices held steady ahead of US–China talks, even as the West Asia war and Strait of Hormuz blockade tighten supplies and the IEA flags a deepening global shortfall.

US crude rose 7.6% to $107.52 a barrel, and Brent rose to $119,54 per barrel, up 7.44% after the EIA, after the US oil stocks plummeted sharply and amid little signs of resolution to the Middle East crisis that's entered its third month now.