Oil Prices Rebound to $99–$106 After Trump Iran Deal Comments, Inventories Drop
Oil prices rebounded to near $106 a barrel for Brent and $99 for WTI after a 5.6% slide when US comments flagged final-stage talks with Iran. US crude inventories fell by 7.9 million barrels last week and global stockpiles are being drawn at a record pace this month, per Goldman Sachs.
1. Oil Price Movements
Oil neared $106 a barrel for Brent and $99 for WTI after reversing a 5.6% decline as comments on progressing US-Iran negotiations lifted market sentiment.
2. Supply Disruptions and Storage Drawdowns
The closure of the Strait of Hormuz has created the most severe supply disruption on record, prolonging shortages and triggering record‐pace inventory draws this month.
3. Outlook on Iran Negotiations
Signals that US-Iran talks are in final stages have raised expectations for a near-term restart of energy flows, but long transit times mean physical markets remain strained.
4. Goldman Sachs Inventory Analysis
Goldman Sachs analysis shows US crude stocks dropped by 7.9 million barrels last week while global oil and product inventories continue to deplete rapidly.