U.S. Strategic Petroleum Reserve (SPR) inventories fell to 340.3 million barrels, the lowest level since 1983, the Department of Energy said

The U.S. and Iran said they have agreed terms to end their war and reopen the Strait of Hormuz, news that brought relief to markets worldwide, although the pact may ​hinge on events in Lebanon and defers tricky talks on Tehran’s nuclear programme

The US and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz and help end a war that has damaged the global economy and caused chaos in the Middle East

The current forecast reduced the expected oil ​demand growth this year from 1.17 million barrels per day as previously seen. For 2027, ​OPEC expects oil demand to rise by 1.73 million bpd,

Companies that borrowed oil from the reserve in recent months will return the crude with premiums after the conflict concludes, Energy Secretary Chris Wright said

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

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