Oil prices fall after a sharp rise.

VTV.vn - Brent crude oil prices edged lower in Asian trading on May 5, but remained near the $114 per barrel mark.

Specifically, this afternoon on the Singapore electronic trading platform, Brent crude oil prices fell 93 cents, or 0.8%, to $113.51 per barrel, after a sharp 5.8% increase in the previous session. Meanwhile, US West Texas Intermediate (WTI) crude oil prices fell $2.16, or 2%, to $104.26 per barrel, after a 4.4% increase in the previous session.

The US and Iran launched new attacks in the Gulf region on May 4th, as the two sides vied for control of the Strait of Hormuz through maritime blockades, undermining an already fragile ceasefire agreement.

According to Priyanka Sachdeva, senior market analyst at Phillip Nova, oil prices remain highly volatile, primarily due to ongoing tensions in the Strait of Hormuz. She believes that the recent cooling in oil prices does not reflect an improvement in supply and demand, but rather a temporary correction following the US launch of Operation Freedom.

ING analysts believe the market may breathe a sigh of relief somewhat following Trump's statement that the conflict could only last another 2-3 weeks. However, they also note that investors remain skeptical about this scenario, given the recent escalation of tensions and the repeated delays in the timeline for ending the conflict since it began.

Source: https://vtv.vn/gia-dau-giam-sau-nhip-tang-manh-100260505164230466.htm