Oil Prices Dip 0.4% Amid Hormuz Shutdown

Brent July futures fell 0.4% to $107.36/barrel and WTI slipped 0.3% to $101.91/barrel after three-session rally in Asian trade.
EIA expects Hormuz closure through late May, trimming global inventories by 2.6 million barrels daily and Brent averaging $106 in May‑June.
API data showed US crude stocks fell 2.188 million barrels week to May 8, marking fourth consecutive weekly decline.
US CPI indicated firm inflation, prompting expectations of higher‑for‑longer rates that could damp global fuel demand despite supply‑driven price gains.