Oil Prices Rise on US‑Iran Deal Hope

Brent July futures rose 0.9% to $102.14/bbl and WTI up 1.3% to $96.24/bbl after previous 7% drop.
Prices fell on Wednesday on hopes of a US‑Iran peace deal that could ease Strait of Hormuz tensions and restore oil flows.
U.S. crude inventories dropped 2.3 million barrels to 457.2 million barrels week ended May 1, less than the 3.4 million‑barrel draw expected.
Gasoline stocks fell 2.5 million barrels and distillate stocks 1.3 million barrels, while U.S. petroleum exports remained strong.