Crude Oil

Oil prices dropped more than 5% after progress in US–Iran peace talks raised expectations over Strait of Hormuz stability, shifting market focus to supply outlook and diplomacy.

Oil jumped over 4% on May 15 as U.S.-Iran nuclear talks broke down and Strait of Hormuz tanker traffic froze, pushing WTI above $105 and Brent past $109 per barrel.

Global oil prices fell sharply as optimism over US–Iran peace talks eased Middle East supply risks, with WTI and Brent dropping to two-week lows despite continued US inventory draws.

OPEC lowered its Q2 2026 global oil demand forecast by 500,000 bpd due to Middle East disruptions but maintained full-year growth expectations, signaling temporary weakness in near-term demand.

Geopolitical conflict in the Middle East drives WTI crude above $95, fueling surging costs and tight supply in China's orthoxylene market, sparking historic price swings and industry volatility.

The U.S.-Iran conflict and Strait of Hormuz disruptions cut global oil supply, prompting China to shift chemical output to fuel, impacting petrochemical production and downstream industries.

The IEA's historic 400M-barrel strategic oil release offered limited relief as Brent crude jumped past $100 and WTI neared $96 amid US-Israel strikes on Iran.

The IEA's record 400 million-barrel release aims to ease oil supply disruptions from Middle East tensions, with the U.S., Japan, and Europe contributing to stabilize global markets.

Global oil prices plunged after a rapid surge as expectations of easing Middle East tensions erased the geopolitical premium, sending WTI and Brent crude sharply lower within 24 hours.