Oil prices continue to fall sharply.

VTV.vn - The decline occurred amidst the US's assertion that the ceasefire with Iran remains in place, despite ongoing firefights between the two sides.

World oil prices fluctuated sharply during trading on May 5th in New York (USA) before continuing to face downward pressure in the morning session of May 6th in Melbourne (Australia), as developments related to US-Iran tensions and the Strait of Hormuz dominated investor sentiment.

At the close of trading on May 5th in New York, oil prices fell by approximately 4% after a volatile day. Brent crude lost $4.57, or 4%, to $109.87 per barrel, while West Texas Intermediate (WTI) crude fell $4.15, or 3.9%, to $102.27 per barrel. The decline occurred amidst US assertions that the ceasefire with Iran remains in place, despite ongoing firefights between the two sides. On the same day, the US stated that two commercial vessels had passed through the Strait of Hormuz under military escort; however, Iran denied this information.

According to analysts, the market may have been under selling pressure following positive signals from the Trump administration regarding the possibility of maintaining the ceasefire. In addition, the price drop is also seen as a technical correction after Brent crude oil prices surged last week.

Oil prices continued to fall sharply in Melbourne on the morning of May 6th. As of 23:26 GMT (6:26 AM on May 6th in Vietnam time), WTI crude oil had lost $2.23, or 2.18%, falling to $100.04 per barrel. This development occurred after President Donald Trump indicated that the campaign to reopen the Strait of Hormuz would be temporarily halted pending the possibility of reaching and signing an agreement, even though the lockdown remains in place.

In other news, data from the American Petroleum Institute (API) showed that US crude oil inventories fell for the third consecutive week. Specifically, crude oil reserves decreased by 8.1 million barrels in the week ending May 1st, while gasoline inventories fell by 6.1 million barrels and distillate inventories fell by 4.6 million barrels compared to the previous week. This information partly reflects a tightening of supply, but it is not enough to reverse the downward trend in oil prices, given that the market remains dominated by geopolitical factors.

Source: https://vtv.vn/gia-dau-tiep-tiep-giam-sau-100260506085500672.htm