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Oil prices rebound over 1% as prospects for Iran negotiations dim

Oil prices rebound over 1% as prospects for Iran negotiations dim

汇通财经汇通财经2026/05/21 06:57
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1. On Thursday, oil prices rose by more than 1%, recovering part of their previous losses. Investors are closely monitoring the progress of peace negotiations between the United States and Iran, while tight supply and declining U.S. crude oil inventories are also supporting oil prices.2. Brent crude oil futures rose 1.25% to $106.33 per barrel, and U.S. West Texas Intermediate crude oil futures rose 1.5% to $99.74 per barrel. On Wednesday, both major benchmark contracts fell by more than 5.6%, after Trump stated that negotiations with Iran had entered the final stage but threatened further strikes if Iran did not agree to the deal.3. Analysts from ING Group pointed out in a report that the crude oil market remains extremely sensitive to Iran-related news. Traders have high hopes for reports of breakthroughs in negotiations, but prior experiences have repeatedly ended in disappointment. The institution forecasts that the average price of Brent crude oil this quarter will be $104 per barrel.4. On Wednesday, Iran established a new "Persian Gulf Strait Administration" and announced that it would set up a "regulated maritime area" in the Strait of Hormuz. This move further intensified market concerns about supply disruptions.5. According to U.S. Energy Information Administration data, last week the United States extracted nearly 10 million barrels of crude oil from the Strategic Petroleum Reserve, setting a record for the largest single-week extraction. Meanwhile, commercial crude oil inventories decreased by 7.9 million barrels to 445 million barrels, far exceeding analysts’ expectations of a 2.9 million barrel reduction.6. Analysts say that the reduction in crude oil inventories will make it difficult for oil prices to remain at low levels. With the Strait of Hormuz blocked, global refined oil and onshore crude oil inventories are expected to fall to the lowest levels for the same period in the past five years by the end of May and end of June.
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