The U.S. Energy Information Administration reported crude inventories fell 4.3 million barrels and gasoline stocks dropped 4.1 million barrels last week, while exports rose amid regional conflict, tightening global oil supplies and potentially pushing fuel prices toward record levels.
Oil prices declined over 1% as US crude inventories surged by the largest amount in three years, while traders monitored US-Iran nuclear negotiations and Saudi Arabia's contingency production boost amid geopolitical tensions.
Oil prices surged 3% after Iran attacked a US warship in the Strait of Hormuz, with Brent crude rising to $111.81 and WTI to $105.34, amid ongoing supply disruption concerns.
Gold prices fell over 1% on Friday, heading for a weekly loss due to high oil prices fueling inflation concerns.
Gold prices rose 0.9% to $4,751.57 per ounce Wednesday as Iran's ceasefire extension eased geopolitical tensions, unwound forced liquidations, and prompted investors to rebuild risk asset positions while restoring traditional hedges amid persistent inflation pressures.
Saudi Arabia increased February crude exports to 7.276 million barrels daily and output to 10.882 million barrels daily, the highest since October 2022, amid Middle East tensions constraining global tanker movements despite ample production capacity.
Iran reopened the Strait of Hormuz to commercial vessels, easing geopolitical tensions and prompting global markets to rally sharply, with oil prices tumbling over 11%, equities gaining, and the dollar weakening as investors reassess regional supply risks.
Following the US-Iran agreement to reopen the Strait of Hormuz during ongoing conflict, Brent crude dropped over 12% to $88 barrel Friday, while New York stocks surged-Dow Jones gaining 2.2%-reflecting market relief from reduced energy supply constraints and potential sanctions relief on Iranian oil exports.
Iran's foreign minister declared the Strait of Hormuz fully open during ceasefire, causing Brent crude to plummet 11.2% to $88.27 and WTI to fall 12% to $83.29, reflecting broader Middle East de-escalation hopes.
OPEC+ agreed to raise oil production by 547,000 barrels per day for September to regain market share.
Oil prices are little changed as investors monitor a fragile Iran ceasefire and await a US-China summit.
The U.S. military moved two destroyers through the Strait of Hormuz to counter Iran's blockade, causing oil prices to initially spike before paring gains as tensions remained unresolved, with Brent crude rising 1.9 percent amid restricted shipping flows and nuclear deal negotiations stalled.
Brent crude surged above $110 per barrel on May 4th following escalating tensions in the Strait of Hormuz, where reported attacks on maritime vessels and military confrontations between Iran and the United States disrupted critical global energy shipping routes.
Global oil prices surge from supply disruptions in the Middle East and refinery bottlenecks, directly impacting consumer costs for fuel and food; non-OPEC producers control 65% of output while OPEC's spare capacity acts as the market's critical stabilizer.
Iran's Revolutionary Guard seized multiple vessels in the Strait of Hormuz, driving Brent crude above $100 per barrel with futures rising 3.5-3.7%, signaling persistent supply tightness concerns amid geopolitical tensions.
Oil prices declined for a second consecutive week as geopolitical tensions with Iran eased following Trump's deal comments, while weakening global demand forecasts and rising Venezuelan supply pressures further suppressed crude benchmarks.
OPEC+ agreed to raise oil output by 206,000 barrels per day in April, though US-Iran conflict disrupted Gulf shipping and limited spare capacity, with analysts warning prices could exceed $100 per barrel.
Iran announced the Strait of Hormuz would open during a ceasefire, causing Brent crude to plummet 12% to $87 per barrel and European gas to fall 8.5%, while stock markets surged on diplomatic progress hopes between the US and Iran.
OPEC+ approved modest December output increases while pausing production hikes through March 2026, citing oversupply concerns and Russian sanctions complications affecting their market-share recovery strategy.
OPEC+ approved a 547,000 barrel-per-day production increase for September, prompting Brent crude to drop 0.62 percent to $69.24 as the cartel continues reversing prior output cuts to reclaim market share amid geopolitical tensions.
Oil prices stabilized near $100 per barrel Wednesday as investors awaited the Trump-Xi summit while monitoring Middle East tensions, with supply disruptions and declining inventories supporting prices amid sustained geopolitical uncertainty.
Oil prices surged 4.2% to $112.66 per barrel as Iran-US tensions escalated in the Persian Gulf, threatening approximately 20% of global oil supplies transiting the Strait of Hormuz amid reported attacks on vessels and military interventions.
Oil prices surged 3% as Iran claimed targeting a U.S. warship in the Strait of Hormuz, which Washington denied, while supply concerns and geopolitical tensions kept markets volatile above $100 per barrel.
Crude oil surged 3.1% amid escalating Iran-Israel tensions in the Strait of Hormuz, with WTI settling near $96 and Brent above $105 a barrel, as stalled peace talks and military threats jeopardize critical global energy flows.
Iran declared the Strait of Hormuz open during the Lebanon ceasefire, causing oil prices to drop 10.9 percent to $88.60 per barrel, providing temporary relief to global markets dependent on this critical shipping route for one-fifth of world oil and gas supplies.
Oil prices declined as diplomatic talks between the US and Iran, alongside ceasefire developments, raised market expectations for reduced geopolitical tensions and potentially increased global oil supply.
Iran's diplomatic progress toward ending regional conflict drove oil prices down 3-4% on April 17, 2026, as markets priced out geopolitical risk premiums, with Brent crude falling to $96.30 and WTI to $90.68 per barrel.
Brent crude oil tumbled over 10% below $90 per barrel Friday amid US-Iran peace deal optimism, Israeli-Lebanese ceasefire agreement, and Iranian assurances that the Strait of Hormuz would remain open, though geopolitical risks persist.
Attacks on Saudi energy facilities knocked 600,000 barrels daily from production and 700,000 barrels from pipeline throughput, threatening global oil supplies as the kingdom's primary export bypass route faces severe strain.