Global oil reserves fell by a record 200 million barrels in April amid Middle East tensions, signaling tightening supply conditions despite weakening demand.
US-Iran tensions trigger a 7% rise in Brent oil prices amid threats of long-term blockade, exposing the economic vulnerabilities of global energy markets.
The US has extended its temporary waiver on sanctions against Russian oil exports until May 16, 2024, amid rising energy prices and complex geopolitical factors affecting global markets.
The US Senate rejected a Democratic-led resolution to end military actions against Iran, reflecting ongoing disputes over presidential war powers and congressional authority.