Brent July futures fell 0.4% to $107.36/bbl and WTI slipped 0.3% to $101.91/bbl after three-session rally.
Traders monitor near-total closure of the Strait of Hormuz, with EIA projecting the shutdown through late May and a 2.6 million‑bbl/day inventory drawdown.
US President Donald Trump’s “life‑support” comment on Iran ceasefire and upcoming May 14‑15 summit with Xi Jinping heightened geopolitical risk for oil markets.
API data showed US crude stocks fell 2.188 million barrels week‑ended May 8, while firm US CPI inflation keeps expectations of higher‑for‑longer interest rates.