Market volatility persists as crude inventories shrink at nearly double the historical rate amid geopolitical tensions.
Crude oil prices fell further as traders reacted to mixed signals from U.S.-Iran negotiations, amplifying market sensitivity to geopolitical developments. Recent curtailments have driven global crude and product stockpiles to record lows, with inventories declining at nearly twice the pace seen since the Iran war began.
Visible inventories have dropped sharply, though natural gas futures edged higher on a larger-than-expected inventory build. Supply levels for natural gas remain above the five-year average, contrasting with the tighter crude market conditions.
Price swings reflect ongoing uncertainty over potential supply disruptions or resolutions tied to diplomatic progress.