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    • Oil Prices Fall as US Signals Possible Iran Deal, Supply Outlook Improves

    By on May 6, 2026
    crude oil
    crude oil

    Singapore:  Oil prices declined for a second consecutive day amid expectations that supply from the Middle East could resume, following indications from the United States of a possible agreement to ease tensions with Iran.

    Brent crude futures for July delivery fell by $1.52, or 1.38 percent, to $108.35 per barrel, after dropping 4 percent in the previous session.

    US West Texas Intermediate (WTI) crude futures for June delivery declined by $1.50, or 1.47 percent, to $100.77 per barrel, following a 3.9 percent decrease a day earlier.

    Market sources, citing data from the American Petroleum Institute (API), reported that US crude inventories fell for the third consecutive week, decreasing by 8.1 million barrels in the week ending 1 May.

    Gasoline inventories dropped by 6.1 million barrels, while distillate stocks declined by 4.6 million barrels compared to the previous week.

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