Overview
- Brent and WTI, which fell roughly 6% Wednesday, traded near $103 and $95.55 after reports of a possible U.S.–Iran memorandum to halt hostilities.
- Axios-reported talks described a one-page, not-yet-signed framework in which Iran would pause uranium enrichment and the U.S. would ease sanctions and release frozen funds.
- President Trump said the U.S. will briefly pause “Project Freedom,” the ship-escort effort through the Strait of Hormuz, while keeping the broader blockade in place, and Secretary of State Marco Rubio said “Operation Epic Fury” has concluded.
- Industry data from the American Petroleum Institute showed U.S. crude stocks down 8.1 million barrels for the week ending May 1, with gasoline down 6.1 million and distillates down 4.6 million, as the Strategic Petroleum Reserve fell by about 5.2 million.
- Analysts warned supply will not rebound fast because more than 1,550 vessels with about 22,000 sailors remain stuck in the Gulf, insurers must reprice risk, and shipping and production need time to restart through the key Strait of Hormuz chokepoint.