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Crude futures were losing ground with the market holding out hope for an end to the U.S.-Iran conflict.

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Oil futures lose ground in early US trading

Global oil prices fell below $108 a barrel after President Trump stated the war in Iran would end 'very quickly.' West Texas Intermediate crude dropped 2.8% to $101.30, while Brent crude fell 3.3% to $107.95. Despite the decline, analysts note uncertainty remains regarding future developments. Additionally, U.S. Treasury Secretary announced a 30-day extension for certain countries to purchase Russian oil, while the U.K. eased sanctions on Russian oil imports.

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Global oil prices drop below $108 a barrel after Trump reaffirms he would end the war in Iran 'very quickly'; Hormuz sees increased tanker traffic

Oil prices fell sharply after President Trump stated the war in Iran would end 'very quickly,' with U.S. benchmark West Texas Intermediate dropping nearly 5% to $102.58 a barrel. The announcement coincided with increased oil tanker activity in the Strait of Hormuz and a 30-day extension of sanctions waivers for certain countries purchasing Russian oil. Analysts warn that unresolved issues regarding Iran's nuclear program may lead to prolonged high energy prices and inflation.

Oil prices decline after Trump reaffirmed he would end the war in Iran 'very quickly'

Iran's Foreign Minister emphasizes the need to end the war and meet Iran's demands, including releasing frozen assets and halting maritime piracy. Despite skepticism towards the U.S., Iran is committed to negotiations. Meanwhile, President Trump mentions Venezuelan oil shipments to the U.S. and warns of potential further conflict unless Iran adapts. Market sentiments suggest any escalation may be brief before a resolution.

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Iran Foreign Minister:  Focus is on ending the war and fulfilling Iran's clear demands

Oil prices extended losses as the Trump administration continued to pressure Tehran to agree to U.S. demands to end the conflict.

Oil slides 2% as US pressures Iran while some Russian restrictions are loosened

Crude oil prices declined following President Trump's comments about a swift end to the Middle East war, with Brent crude down 1.8% to $109.28/barrel and WTI down 0.8% to $107.77/barrel. Despite this, analysts suggest prices may rise due to potential supply disruptions and low global oil stocks. U.S. crude stockpiles are projected to have decreased by 3.4 million barrels, with the EIA set to release its weekly report later today.

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Crude Oil Prices Fall Following Trump Remarks About Ending Iran War Soon

Crude oil prices have dipped following the U.S. decision to pause planned attacks on Iran, with WTI Crude trading at $108.59 per barrel. The Strait of Hormuz remains blocked, impacting global oil supplies. President Trump indicated optimism in negotiations with Iran but warned of military action if no agreement is reached. Meanwhile, NATO is considering assistance for ships in the blocked strait, and reports indicate a significant increase in U.S. spending on fuel during the conflict.

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Crude Oil Slides As U.S. Pauses Its Planned Attacks On Iran

US crude oil inventories fell by 9.10 million barrels for the week ending May 15, 2026, surpassing expectations of a 3.4 million-barrel draw. Gasoline inventories dropped by 5.80 million barrels, while distillate inventories fell by 1.00 million barrels. Cushing inventories decreased by 1.40 million barrels, and the US Strategic Petroleum Reserve saw a record drawdown of 9.90 million barrels, reaching its lowest level since July 2024.

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US Crude Stockpiles Fall More Than Expected: API

Oil prices are declining significantly following President Trump's comments about a quick end to the Iran war, which has led to optimism about a peace deal. However, tensions remain as Iran's Revolutionary Guards warn of potential escalations. Recent inventory data shows substantial draws in crude and gasoline stocks, with the Strategic Petroleum Reserve experiencing record drawdowns. Analysts predict that if the conflict continues, oil prices could soar, while a swift resolution might lower prices significantly. The market is also bracing for high gas prices ahead of the U.S. summer driving season.

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Oil futures lose ground in early US trading

Global oil prices drop below $108 a barrel after Trump reaffirms he would end the war in Iran 'very quickly'; Hormuz sees increased tanker traffic

Oil prices decline after Trump reaffirmed he would end the war in Iran 'very quickly'

Iran Foreign Minister: Focus is on ending the war and fulfilling Iran's clear demands

Oil slides 2% as US pressures Iran while some Russian restrictions are loosened

Crude Oil Prices Fall Following Trump Remarks About Ending Iran War Soon

Crude Oil Slides As U.S. Pauses Its Planned Attacks On Iran

US Crude Stockpiles Fall More Than Expected: API

Oil Prices Extend Decline After Huge Inventory Draws, Record SPR Drain

Crude Oil Prices Pressured on Hopes Diplomacy Can End US-Iran War