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    • Oil Prices Rise Amid Iran Supply Concerns and US Inventory Drawdown

    By on May 21, 2026
    Crude Oil
    Crude Oil

    Beijing:  Oil prices rose today after recording losses over the past two sessions, supported by ongoing supply concerns amid uncertainty surrounding efforts to end the war on Iran and fears of declining global inventories following a sharp drawdown in US stockpiles.

    Brent crude futures rose by 81 cents, or 0.77 percent, to reach $105.83 per barrel, while US West Texas Intermediate crude futures gained 97 cents, or 0.99 percent, to $99.23 per barrel.

    Both benchmarks had declined by more than 5.6 percent in the previous session after US President Donald Trump said negotiations with Iran had entered their final stages, while warning of further attacks if Tehran did not agree to a peace settlement.

    The US Energy Information Administration (EIA) said the United States withdrew nearly 10 million barrels of oil from its strategic petroleum reserve last week, marking the largest recorded drawdown on record.

    The EIA added that commercial crude inventories fell by 7.9 million barrels to 445 million barrels during the week ending 15 May 2026, compared to analysts’ expectations of a decline of 2.9 million barrels.

    Gasoline inventories declined by 1.5 million barrels, while distillate stockpiles increased by 372,000 barrels.

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