Overview

• Oil prices fell on May 22 as unexpected increases in U.S. crude and fuel inventories signaled weaker demand, reversing midweek gains driven by geopolitical tensions.
• Brent crude dropped to $64.58 per barrel, with West Texas Intermediate trading at $61.25, reflecting a 0.5% decline for both benchmarks.
• Reports that Israel may strike Iranian nuclear facilities heightened concerns about potential disruptions to Middle East oil supplies earlier in the week.
• The U.S. Energy Information Administration confirmed a 1.3 million-barrel rise in crude inventories for the week ending May 16, alongside increases in gasoline and distillate stocks.
• Attention now shifts to OPEC+'s planned production increases for July and the fifth round of U.S.–Iran nuclear talks scheduled for May 23 in Rome.