30-May-2026 15:09

Oil prices remained under pressure, with WTI futures falling below the key $90 per barrel mark amid reports of a possible extension of the US-Iran ceasefire and renewed negotiations over Iran's nuclear program. WTI crude dropped to a six-week low near $86 per barrel and recorded a loss of nearly 9% for the week as easing geopolitical tensions reduced concerns over supply disruptions through the Strait of Hormuz. Markets will turn their attention to the US storage levels in near term and could possibly offer support to oil. Crude oil inventories in the United States decreased by 3.3 million barrels during the week ending May 22, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 441.7 million barrels, according to government data, which is now 2% below the five-year average for this time of year. For total motor gasoline, the EIA reported that inventories had decreased by 2.6 million barrels after sinking by 1.5 million barrels in the week prior. The most recent figures showed that average daily gasoline production increased to 9.9 million barrels. These developments could keep gasoline prices elevated amid summer driving season.

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