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
Login
