Live: Oil Prices Fall Below $100 as Trump Says Iran War May Be Coming to an End
A draft memorandum between the U.S. and Iran calls for de-escalation but leaves the Hormuz dispute unresolved, while U.S. forces disabled an Iranian-flagged oil tanker in the Gulf of Oman for violating a naval blockade. Oil prices moved higher after the EIA reported a 2.3 million barrel draw in commercial crude oil inventories.
The U.S. and Iran are discussing a draft memorandum that calls for Iran to ease restrictions on the Strait of Hormuz, but the issue remains unresolved. The framework also asks Washington to scale back its blockade of Iranian ports during a 30-day negotiation period. U.S. forces disabled an Iranian-flagged oil tanker, M/T Hasna, in the Gulf of Oman on May 6 for violating a naval blockade. The U.S. Energy Information Administration reported a 2.3 million barrel draw in commercial crude oil inventories, supporting oil prices. Gasoline inventories dropped by 2.5 million barrels, and distillate stockpiles fell by 1.3 million barrels. Total products supplied averaged 20.3 million barrels per day over the last four weeks, up 2.6% from the same period a year ago.
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