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Oil prices moved modestly higher during Asian trading on Thursday after suffering a steep decline of more than 7% in the previous session. Investors continued to monitor developments surrounding a possible U.S.-Iran agreement and reviewed the latest U.S. crude inventory data for signs of global demand trends.
Brent crude futures for July delivery climbed 0.9% to $102.14 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.3% to trade at $96.24 per barrel. The recovery followed heavy losses on Wednesday, triggered by reports that Washington and Tehran were nearing a diplomatic understanding that could reduce tensions in the Middle East.
According to reports from Axios, the White House is close to securing a one-page memorandum of understanding with Iran aimed at ending the ongoing conflict. Sources indicated Tehran is expected to respond to the proposal within 48 hours, marking one of the closest moments to a potential agreement since hostilities began.
An Iranian foreign ministry spokesperson also confirmed that Iran would officially respond to the U.S. proposal, according to comments carried by ISNA news agency.
The oil market remains highly sensitive to developments involving the Strait of Hormuz, a vital shipping route responsible for nearly 20% of global oil trade. Any improvement in regional stability could potentially restore disrupted oil flows and ease supply concerns.
However, gains in crude prices were limited after the U.S. Energy Information Administration (EIA) released weekly inventory data showing a smaller-than-expected draw in crude stockpiles. U.S. commercial crude inventories fell by 2.3 million barrels to 457.2 million barrels for the week ending May 1, compared with analyst expectations for a 3.4 million-barrel decline.
The EIA also reported gasoline inventories dropped by 2.5 million barrels, while distillate stockpiles declined by 1.3 million barrels. Strong U.S. petroleum exports highlighted continued international demand despite ongoing uncertainty in global energy markets.
