Oil extended declines for a third day as investors speculated on whether the US and Iran are closing in on a peace deal that could lead to a resumption of flows through the vital Strait of Hormuz.
Oil extended declines for a third day as investors speculated on whether the US and Iran are closing in on a peace deal that could lead to a resumption of flows through the vital Strait of Hormuz.
US crude inventories, including strategic reserves, plunged by a record as soaring exports start to erode domestic supply cushions.
An oil pumpjack in Santa Fe Springs, California, US, on Monday, May 4, 2026. With the US-Iran war creeping into its third month, oil traders are hedging against divergent outcomes tied to US inventories as the newly anointed top crude exporter faces unprecedented pressure to meet global demand. Photographer: Kyle Grillot/Bloomberg
Oil plummeted after US President Donald Trump said the US is in the “final stages” with Iran, raising expectations for a near-term restart of energy flows through the critical Strait of Hormuz.
Oil plummeted after US President Donald Trump said the US is in the “final stages” with Iran, raising expectations for a near-term restart of energy flows through the critical Strait of Hormuz.
Oil storage tanks at the Rhone Energies SAS oil refinery in Fos-sur-mer, France, on Friday, March 20, 2026. The European Union’s energy chief has told member states to start filling gas storage early in order to avoid supply competition over the summer. Photographer: Jeremy Suyker/Bloomberg
The UK will effectively loosen some Russian sanctions by allow imports of diesel and jet fuel refined from Moscow’s crude in countries like India and Turkey.
The UK will effectively loosen some Russian sanctions by allow imports of diesel and jet fuel refined from Moscow’s crude in countries like India and Turkey.
LONDON, UNITED KINGDOM - MAY 7: Fuel pumps are seen at a gas station as concerns over global oil supply and fluctuations in energy markets bring fuel prices back into focus in London, United Kingdom, on May 7, 2026. (Photo by Rasid Necati Aslim/Anadolu via Getty Images)
Oil edged lower in choppy trading as investors weighed President Donald Trump’s newest threat to resume strikes on Iran, a pledge the US leader has made repeatedly before backing off since a truce was agreed to in early April.
Oil edged lower in choppy trading as investors weighed President Donald Trump’s newest threat to resume strikes on Iran, a pledge the US leader has made repeatedly before backing off since a truce was agreed to in early April.
Storage tanks at the Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
Oil edged higher in choppy trading as fresh doubts emerged over the fate of peace negotiations between the US and Iran that could secure the reopening of the critical Strait of Hormuz.
Oil edged higher in choppy trading as fresh doubts emerged over the fate of peace negotiations between the US and Iran that could secure the reopening of the critical Strait of Hormuz.
The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K., on Tuesday, June 23, 2020. Oil headed for a weekly decline -- only the second since April -- as a surge in U.S. coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia's seaborne crude exports.
Oil climbed as US President Donald Trump left a meeting with Chinese counterpart Xi Jinping without any meaningful progress on increasing energy flows through the Strait of Hormuz, reigniting concerns that disruptions to global supplies will deepen.
Oil climbed as US President Donald Trump left a meeting with Chinese counterpart Xi Jinping without any meaningful progress on increasing energy flows through the Strait of Hormuz, reigniting concerns that disruptions to global supplies will deepen.
Storage tanks at the Chevron refinery in Richmond, California, US, on Thursday, March 19, 2026. US diesel rose above $5 a gallon for the first time since December 2022, the latest sign of surging fuel price pressures menacing the global economy as the war in Iran continues to disrupt energy supplies. Photographer: David Paul Morris/Bloomberg
US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.
US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.
Tankers and bulk carriers anchored in the Strait of Hormuz, Saturday, April 18, 2026. (AP Photo)
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