Muscat: Oil Climbs as Supply Fears Persist Amid Uncertainty over Iran Deal: Oil prices rose today after two days of losses, driven by persistent supply concerns amid an uncertain outlook for ending the war on Iran and growing fears of dwindling global inventories after a sharp draw in US stockpiles.
According to Oman News Agency, Brent crude futures climbed 81 cents, or 0.77 percent, to $105.83 per barrel, while US West Texas Intermediate crude futures rose 97 cents, or 0.99 percent, to $99.23 per barrel. Both benchmarks had fallen more than 5.6 percent in the previous session after US President Donald Trump said negotiations with Iran had entered their final stages, while simultaneously threatening further attacks if Tehran did not agree to a peace deal.
The US Energy Information Administration stated that the United States had withdrawn nearly 10 million barrels of oil from its strategic petroleum reserve last week, marking the largest recorded drawdown ever. Commercial crude inventories fell by 7.9 million barrels to 445 million barrels in the week ending 15 May 2026, compared with analyst expectations of a 2.9 million barrel decline. Gasoline stocks fell by 1.5 million barrels, while distillate inventories rose by 372,000 barrels.