Crude oil price benchmarks declined from the flatline on Friday despite persisting tensions in the Middle East and disruptions in the Strait of Hormuz. Brent crude oil futures have edged down on Friday whereas the WTI crude oil price benchmark has slipped way below the flatline. The price movement comes amidst global markets reconciling to the likelihood of a prolonged U.S.-Iran war and continued disruptions to crude oil supplies from the Middle East.
Data released on Wednesday by the U.S. Energy Information Administration had shown a decline of 6.23 million barrels in crude oil inventories during the week ended April 24. Markets were expecting a draw of 0.2 million barrels only as the previous week had witnessed an addition of 1.93 million barrels.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.