As of 21:18 ET (01:18 GMT), Brent Oil Futures for July delivery rose 0.9% to $102.14 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.3% to $96.24 per barrel. Both benchmarks had fallen more than 7% on Wednesday.<\/p>\n
The prior session\u2019s sharp losses followed reports suggesting that Washington and Tehran were moving closer to an agreement that could reduce regional tensions and potentially restore disrupted oil flows through the Strait of Hormuz. According to Axios, the White House was nearing a deal with Iran based on a one-page memorandum of understanding aimed at ending the war.<\/p>\n
The Axios report stated that Washington expected a response from Tehran within 48 hours and described the talks as the closest the two sides had come to an agreement since the conflict began. An Iranian foreign ministry spokesperson, cited by Iran's ISNA news agency, said Tehran would convey its response to the U.S. proposal.<\/p>\n
Markets remained highly sensitive to developments around the Strait of Hormuz, a key transit point through which roughly one-fifth of global oil trade passes.<\/p>\n
Thursday\u2019s price gains were limited by the latest weekly U.S. stockpile figures from the Energy Information Administration (EIA). The EIA reported that U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, declined by 2.3 million barrels in the week ended May 1, to 457.2 million barrels. Analysts had expected a larger draw of 3.4 million barrels.<\/p>\n
Gasoline inventories fell by 2.5 million barrels, while distillate stockpiles, including diesel and heating oil, decreased by 1.3 million barrels. The EIA report also showed strong petroleum exports, indicating continued demand for U.S. supplies amid ongoing disruptions to Middle East energy flows.<\/p>\n
Why did oil prices fall more than 7% on Wednesday?<\/strong> What are the latest Brent and WTI price levels?<\/strong> What did the latest U.S. crude inventory data show?<\/strong> Why is the Strait of Hormuz significant for oil markets?<\/strong>
The decline followed reports that the United States and Iran were moving closer to a peace-related agreement that could ease regional tensions and potentially reopen disrupted oil flows through the Strait of Hormuz.<\/p>\n
As of 21:18 ET (01:18 GMT) on Thursday, Brent Oil Futures for July were at $102.14 per barrel, up 0.9%, and WTI crude futures were at $96.24 per barrel, up 1.3%.<\/p>\n
The EIA reported a 2.3 million-barrel decline in U.S. commercial crude inventories, excluding the Strategic Petroleum Reserve, in the week ended May 1, bringing total stocks to 457.2 million barrels, less than the 3.4 million-barrel draw expected by analysts.<\/p>\n
The Strait of Hormuz is a critical chokepoint through which roughly one-fifth of global oil trade passes, making any disruption or potential easing of tensions in the area highly influential for oil prices.<\/p>\n