ING News & Analysis

Oil Prices Fall 1.44% Amid Iran Conflict Comments and Ceasefire Hopes

Oil prices experienced a decline with U.S. crude oil futures for May delivery falling 1.44% to $93.33 per barrel, while Brent for June delivery decreased by 1.29% to $98.1 per barrel. This movement comes after President Trump stated that the war in Iran 'should' end soon and announced a ceasefire between Israel and Lebanon. The U.S. State Department highlighted efforts to create lasting peace in the region, which could ease supply disruptions. However, analysts at ING noted that approximately 13 million barrels per day of supply has been disrupted, creating a tight physical market.