Energy · 32 views
Oil Holds Near $110 After Trump Delays Iran Strike
Oil prices steadied near $110 as Trump delayed planned action against Iran and Washington extended waivers for buyers of Russian crude.
AI Summary
Oil prices steadied near $110 per barrel after former President Trump postponed a planned strike on Iran, while Washington extended waivers for buyers of Russian crude. The pause in U.S. military action removed a potential catalyst for higher oil prices. Meanwhile, record U.S. Strategic Petroleum Reserve drawdowns are pushing large volumes of U.S. crude to global markets, with May exports possibly exceeding 5.5 million barrels per day for the first time. This increase in U.S. crude supply could further support the current price level.
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