Oil slides as traders assess Middle East developments with Iran attacks keeping markets jittery
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- Iran launched drones and missiles at the United Arab Emirates and saw its vessels sunk by the U.S. Navy in the Strait of Hormuz.
- Trump warned on Fox News Iran would be “blown off the face of the earth” if it attacked U.S. ships and claimed a South Korean cargo vessel was under fire on Truth Social.
- Goldman Sachs warned global oil inventories sit at about 101 days of demand and could fall to 98 days by end‑May, with refined‑product buffers of naphtha, LPG and jet fuel depleting fast.
- Chevron CEO Mike Wirth cautioned that fuel shortages could emerge in the coming weeks as the Hormuz strait remains closed, emphasizing supply over price.
- Brent crude fell 0.60% to $113.77 per barrel, while U.S. West Texas Intermediate futures dropped 1.35% to $105.06.
Why it matters: Airlines and shipping firms risk tighter fuel supplies as refined‑product inventories will shrink to 98 days by end‑May, pushing up jet‑fuel costs and prompting route cancellations.
