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Oil News: Oil Demand Fears Clash With Escalating Middle East Tensions

By
James Hyerczyk
Published: May 28, 2026, 18:44 GMT+00:00

Key Points:

  • Strategic Petroleum Reserves are running low, reducing the market’s emergency supply cushion.
  • EIA raised its global inventory draw forecast to 2.6 million barrels per day for 2026.
  • Brent crude oil reacts faster than WTI as Strait of Hormuz shipping risks intensify.

July WTI crude oil futures are swinging between $89 and $91 a barrel and July Brent crude oil futures are trading between $94 and $97. Iran’s Revolutionary Guard hit a U.S. airbase Thursday morning in retaliation for American strikes on Bandar Abbas. Oil spiked more than 2.5% on the headline.