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\n\tMeanwhile, Iran\u2019s crude loadings for May drop below 0.3 million bpd: File Image\/Pixabay<\/p>\n
\u201c<\/p>\n \n\tWe\u2019re approaching unheard-of inventory levels<\/p>\n Neil Chapman, senior vice president, Exxon Mobil <\/p>\n
\n\tThe enduring optimism among oil investors that a peace deal between the U.S. and Iran will be reached, despite Iran unwilling to give up its nuclear program or cease hostilities, led to the commodity on Friday continuing<\/a>\u00a0its downward trajectory.<\/p>\n
\n\tAs of 1616 GMT, Brent had fallen more than 2 percent to $91.61 per barrel, and West Texas Intermediate had also dropped by the same approximate percentage, to $86.73.<\/p>\n
\n\tTo the relief of consumers, Brent was also set for a more than 20 percent drop monthly drop (for May), the biggest decline since 2020; WTI was on track for a 19 percent monthly drop.<\/p>\n
\n\tAlthough the previous session saw a 60-day ceasefire extension between the two countries ratified, mistrust and deception remained the defining factors of negotiations between the U.S. and Iran, with the latter\u2019s latest claim<\/a>\u00a0of shooting down a U.S. aircraft refuted by Washington; and U.S. president Donald Trump reiterating that Tehran must immediately clear the Strait of Hormuz without charging tolls, in addition to surrendering its nuclear materials.<\/p>\n
\n\tTrump on mid-Friday retreated to the Situation Room to make a \u201cfinal determination\u201d on the next steps with the Islamic republic.<\/p>\n
\n\tMeanwhile, UBS analysts said<\/a>\u00a0 crude loadings inside the Persian Gulf remained \u201cextremely low\u201d, with Iran\u2019s loadings for May below 0.3 million barrels per day (bpd) compared to 1.7 million bpd in March.<\/p>\n
\n\tBob Parker, senior advisor at the International Capital Markets Association, said \u201cEven if the Strait of Hormuz is opened, I think it\u2019s fair to say that opening will only be partial,\u201d and he added that oil prices will likely hover between $90 and $100 \u201cat least for the next couple of months\u201d until there is clarity with regard to U.S.\/Iran negotiations.<\/p>\n
\n\tFor his part, Mike Wirth, CEO of Chevron, echoed the sentiments of other energy giants by saying his company would not consider paying a toll to Iran to get its ships out of the strait; he added that this week saw new attacks on ships, \u201cso we see risks very real, still, in that environment.\u201d<\/p>\n
\n\tChevron currently has six vessels under charter operating within the Persian Gulf.<\/p>\n
\n\tNeil Chapman, senior vice president at Exxon Mobil, remarked<\/a>\u00a0with regard to the depletion of commercial crude inventories, \u201cWe\u2019re approaching unheard-of inventory levels.\u201d<\/p>\n
\n\tIn other war-related oil news on Friday, tanker-tracking data from Kpler and Vortexa showed <\/a>that the Philippines received its first cargo of Iranian crude: a Suezmax vessel departed from\u00a0Kharg Island in late March, made a transfer offshore Singapore onto another tanker, which delivered the oil to the Bataan refinery in the middle of May.<\/p>\n
\n\tAlso on Friday, the Reserve Bank of India in its Annual Report stated <\/a>that the global supply disruption poses near-term downside risks to economic growth and upside risks to inflation \u2013 but India’s economy was resilient to the external shocks:<\/p>\n
\n\t“Against the backdrop of a moderate global growth, the outlook for the Indian economy in 2026-27 remains positive, supported by strong macroeconomic fundamentals, although a prolonged West Asia conflict may pose downside risk.”<\/p>\n