Oil Prices Fall on Ceasefire Hopes, Trump War Power Limits

Matichon•International•23d ago

Reader Briefing

Global oil prices saw a decline due to a ceasefire agreement between Israel and Lebanon and a US House vote limiting President Trump's war powers.

•Oil prices decreased on May 4th, influenced by positive peace developments in the Middle East.
•The US House of Representatives passed a bill to limit President Donald Trump's authority to wage war.
•US crude oil inventories fell significantly in the week ending May 29th.
•Market sentiment suggests a potential rise in oil prices due to imbalanced supply and demand.

•On May 4, Brent crude futures decreased by 67 cents to $97.14 per barrel due to a ceasefire agreement between Israel and Lebanon.
•The US House of Representatives voted 215-208 to limit President Donald Trump's war-making powers.
•US crude oil inventories decreased by 8 million barrels, reaching 433.7 million barrels for the week ending May 29.
•The decrease in oil prices was influenced by positive ceasefire signals and the US House vote.
•Previously, on June 3, both Brent and WTI crude futures had risen approximately 2% following Iran's attack on Kuwait and US military actions in the Strait of Hormuz.
•West Texas Intermediate (WTI) crude oil fell by 62 cents to $95.4 a barrel.
•Haitong Futures company forecasts a tendency for oil prices to increase due to imbalanced global demand and supply.
•Global crude oil inventories are rapidly decreasing, contributing to the foresight of price increases.

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Reuters(รอยเตอร์)ℹ️

News agency reporting on oil price fluctuations and geopolitical events.

U.S. House of Representatives(สภาผู้แทนราษฎรสหรัฐ)ℹ️

Legislative body that voted to limit the President's war powers.

U.S. Energy Information Administration (EIA)(สำนักงานสารสนเทศด้านพลังงานของสหรัฐ (EIA))ℹ️

Agency that released data on U.S. crude oil inventory levels.

Haitong Futures

Company providing a market forecast on future oil price trends.

Israel(อิสราเอล)ℹ️

Country involved in a ceasefire agreement with Lebanon impacting Middle East peace and oil markets.

Lebanon(เลบานอน)ℹ️

Country involved in a ceasefire agreement with Israel impacting Middle East peace and oil markets.

Iran(อิหร่าน)ℹ️

Country whose prior attack on Kuwait contributed to previous oil price increases.

United States(สหรัฐ)ℹ️

Country whose oil inventory data and military actions in the Strait of Hormuz affect global oil prices.

Strait of Hormuz(ช่องแคบฮอร์มุซ)ℹ️

Strategic waterway where U.S. military actions previously influenced oil prices.

Donald Trump(โดนัลด์ ทรัมป์)ℹ️

U.S. President whose war-making powers were targeted by a vote in the House of Representatives.