Global oil inventories could fall to critically or historically low levels just before peak summer demand if the current pace of drawdowns continues, according to Thoril Bosoni, Head of the Oil Industry and Markets Division at the International Energy Agency (IEA)

Another quota increase would show the group is approaching business as usual ​despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in ​May of the United Arab Emirates

The world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said

Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American navy leaving the waters surrounding Iran

Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran

Seven leading OPEC+ oil-producing countries ‌will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war

Oil ​prices fell 4% after U.S. President Donald Trump said that negotiations with Iran were in the final ‌stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues

International Energy Agency (IEA) Executive Director Fatih Birol said commercial oil inventories are declining at a rapid pace, according to remarks made to reporters during the Group of Seven finance ministers’ meeting in Paris

Leading OPEC+ members plan to continue monthly oil quota hikes through September to complete the restoration of production cuts implemented in 2023

The volume of oil supply lost because of the war in Iran and the blockade of the Strait of Hormuz has reached 14 million barrels per day, International Energy Agency (IEA) Executive Director Fatih Birol said