Oil drilling rigs
Oil prices continued on downward trajectory today, May 6, after US President Donald Trump decided to suspend the initiative to secure ships in the Strait of Hormuz, in order to give an opportunity for negotiations with Iran. 
Trump announced in a post on his Truth Social platform that US efforts to facilitate the movement of ships through the Strait of Hormuz would be halted temporarily, but the naval blockade on Iranian ports would remain in place.
Brent crude was trading down 1.68% at $108.02 a barrel, at 07:56 am Makkah time. West Texas Intermediate (WTI) fell 1.85% to $100.38 a barrel, after losing nearly 4% in the previous session.
Markets are awaiting the release of official US crude oil inventory data from the Energy Information Administration today, after estimates from the American Petroleum Institute showed a decrease in inventories of 8.1 million barrels during the week ended May 1.
Oil drilling rigs
Oil prices continued on downward trajectory today, May 6, after US President Donald Trump decided to suspend the initiative to secure ships in the Strait of Hormuz, in order to give an opportunity for negotiations with Iran.
Trump announced in a post on his Truth Social platform that US efforts to facilitate the movement of ships through the Strait of Hormuz would be halted temporarily, but the naval blockade on Iranian ports would remain in place.
Brent crude was trading down 1.68% at $108.02 a barrel, at 07:56 am Makkah time. West Texas Intermediate (WTI) fell 1.85% to $100.38 a barrel, after losing nearly 4% in the previous session.
Markets are awaiting the release of official US crude oil inventory data from the Energy Information Administration today, after estimates from the American Petroleum Institute showed a decrease in inventories of 8.1 million barrels during the week ended May 1.
