Record 17.8M-Barrel Drawdown as Brent Oil Dips Below $100
BNO•US crude inventories fell by a record 17.8 million barrels as demand surged and Iran conflict cut global supplies. Brent crude prices dipped below $100 per barrel after President Trump said Iran talks were in their final stages, easing geopolitical risk.
1. Record Crude Inventory Drawdown
US withdrew 17.8 million barrels from crude inventories last week, marking the largest single-week draw on record as domestic demand accelerated and the Iran conflict constrained global supply.
2. Brent Oil Prices Dip Below $100
Brent crude futures fell below $100 per barrel after comments that Iran negotiations were in their final stages reduced immediate geopolitical risk, triggering a pullback in oil benchmarks.
3. Iran Negotiations and Threatened Strikes
Market participants are weighing the potential for renewed US strikes on Iran following recent threats, adding volatility to crude prices as diplomacy remains in flux.
4. Summer Gasoline Price Outlook
Supply disruptions in the Strait of Hormuz combined with the sharp inventory drawdown signal potential gasoline price spikes for motorists during the upcoming summer travel season.
