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    • Brent Crude Slips Below $107 Amid Iran War Concerns

    By on May 13, 2026
    crude oil
    crude oil

    Tokyo:  Oil prices declined today after recording gains over the previous three sessions, as investors monitored developments related to a possible ceasefire in the war on Iran.

    Brent crude futures fell by 82 cents, or 0.76 percent, to reach $106.95 per barrel, while US West Texas Intermediate crude futures dropped by 66 cents, or 0.65 percent, to $101.52 per barrel.

    Both benchmarks have remained near or above the $100-per-barrel level since the United States and Israel launched attacks on Iran in late February.

    Eurasia Group said in a note to clients that the prolonged disruption and the scale of lost supply, which has exceeded one billion barrels, are expected to keep oil prices above $80 per barrel for the remainder of the year.

    Meanwhile, US consumer prices rose sharply in April for a second consecutive month, recording the largest annual increase in nearly three years.

    The data reinforced expectations that the US Federal Reserve may keep interest rates unchanged for an extended period.

    Market sources citing data from the American Petroleum Institute said US crude inventories declined for a fourth straight week last week, while distillate stockpiles also recorded a decrease.

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