Oil Prices Edge Higher on US‑Iran Peace Hopes

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