Steepest weekly oil drop since 2020 as U.S.-Iran talks loom
Oil prices just had their steepest weekly drop since 2020, with US crude slipping below $97 a barrel and Brent crude landing near $95 a barrel.
Even with this dip, prices are still much higher than before the recent conflicts.
All eyes are now on upcoming U.S.-Iran negotiations, which will shape the fragile truce and help reopen key oil routes like the Strait of Hormuz.
Japan and China tap oil reserves
Tensions in the Middle East have hit oil supplies hard, especially after Iranian strikes on a Saudi East-West pipeline.
Countries like Japan and China are tapping reserves; Japanese will release about 20 days of oil from its stockpiles in May, while Chinese state refiners were given the green light to tap into commercial reserves.
Meanwhile, the US might extend a waiver on Russian oil sanctions to ease shortages in Asia, and Vice President JD Vance is heading to Islamabad for talks aimed at stabilizing energy flows in the region.