Brent Under $100 as Trump Pauses Project Freedom and Stock Draw Hits 2.3M Barrels
Renewed US-Iran diplomatic talks have pushed Brent futures below $100 after President Trump paused 'Project Freedom' to allow a 48-hour negotiation window, and US crude inventories fell by 2.3 million barrels last week. Jeff Currie warns US oil storage tanks may be empty around July 4, tightening supplies later.
1. US-Iran Talks Drive Brent Below $100
Renewed diplomatic engagements between Washington and Tehran led President Trump to pause 'Project Freedom', creating a 48-hour window for final negotiations and briefly pushing Brent futures below $100.
2. US Crude Inventories Fall by 2.3M Barrels
US commercial crude inventories declined by 2.3 million barrels in the week to May 1, tightening the supply buffer and countering some downward price momentum.
3. Storage Tanks Could Run Dry by July 4
Analyst Jeff Currie warns that US oil storage facilities could reach full capacity around July 4 if current production trends continue, which may constrain physical supply and support price rebounds later this summer.