U.S. Navy escorts ease supply concerns, oil prices edge down

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汇通财经2026/05/05 02:04

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On Tuesday, oil prices retreated. July Brent crude oil futures fell 0.2% to $113.76 per barrel, while US WTI crude oil dropped 1.74% from Monday’s settlement price to $104.63 per barrel. Previously, the US Navy escorted a Maersk car carrier flying the US flag through the Strait of Hormuz, alleviating market concerns about immediate supply disruptions.
The chief market analyst at KCM Trade stated that the successful escort demonstrates that limited safe passage is possible under current conditions, helping to dispel the most extreme worries over supply disruptions. However, this appears more like an isolated case rather than a full reopening.
However, on Monday, Iran launched attacks in the Gulf region as retaliation, with several merchant ships targeted, and a major oil port in the United Arab Emirates caught fire following the Iranian strike. This action marks the biggest escalation in the conflict since the ceasefire was announced four weeks ago.
Goldman Sachs warns that global crude inventories are approaching an eight-year low, and supply constraints persist. As the world rapidly draws down commercial inventories, strategic reserves, and floating storage, potential supply shortages remain a strong driver supporting oil prices.
Chevron’s chairman stated that, due to the closure of the Strait of Hormuz, the world will begin to experience physical crude oil shortages. Since the outbreak of war at the end of February, Iran has effectively blockaded the strait, causing a massive shock to the global energy supply.

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U.S. Navy escorts ease supply concerns, oil prices edge down

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