Oil Pulls Back From Three-Day Rally as Trump-Xi Summit Keeps Markets on Edge
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Oil pulled back as Brent fell 1.39% to $106.27 and US WTI fell 1.53% to $100.62 as investors assessed a fragile Middle East ceasefire and the EIA expects the Strait of Hormuz to remain closed through late May, shrinking global supply by 2.6 million bpd and halting Kharg Island shipments for the longest stretch since the war began. While a Trump-Xi summit could ease prices, renewed Hormuz tensions could push Brent toward $120, increasing macro risk and volatility that may pressure crypto markets, CEX/DEX liquidity, DeFi protocols, token fundraising and launches and raise security and adoption concerns.
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- Brent crude fell 1.39% to $106.27, snapping a three-day rally on ceasefire uncertainty.
- EIA expects the Strait of Hormuz to stay closed through late May, shrinking global supply by 2.6 million bpd.
- Trump-Xi summit progress could ease oil prices, while renewed Hormuz tensions may push Brent toward $120.
Oil prices fell on Wednesday, breaking a three-day rally as investors took stock of a fragile Middle East ceasefire and positioned cautiously ahead of the Trump-Xi summit in Beijing. Brent crude futures declined 1.39% to $106.27 per barrel, while US West Texas Intermediate fell 1.53% to $100.62.
The Hormuz Problem Has Not Gone Away
The day-to-day price move masks a more serious structural problem. Iran’s Kharg Island shipments, which handle a significant share of the country’s oil exports, have been halted for the longest continuous stretch since the war began. Sa…
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