COMMODITY
Crude oil futures end lower amid hopes for Iran deal
May-21-2026

Crude oil futures settled lower on Wednesday after President Trump said the US is in the ‘final stages’ of reaching a deal with Iran and several tankers moved to transit the Strait of Hormuz. However, the Energy Information Administration (EIA) reported that U.S. crude oil inventories declined by 7.9 million barrels to 445 million barrels in the week ended May 15. 

Benchmark crude oil futures for July delivery decreased by $5.89 or 5.66% to settle at $98.26 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was down by $6.26 or 5.63% to settle at $105.02 a barrel on the New York Mercantile Exchange.

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