Oil

A new border crossing between Iraq and Syria is under construction in an area controlled by Iran-affiliated militias.

Commercial crude oil inventories in the U.S. increased by 4.7 million barrels. or 1%. to 476.8 million barrels for the week ending May 17.

Iran'.s partial suspension of its obligations under the nuclear deal was triggered by the United States'. withdrawal from the agreement in May 2018.

A spokesman of the Afghan ministry of oil and gas rejected media reports claiming that the country has stopped crude imports from Iran.

Iranian Oil Minister Bijan Namdar Zanganeh said that the Supreme National Security Council (SNSC) has tasked the Foreign Ministry with holding talks with European countries on Tehran’s oil exports to the bloc.

U.S. crude inventories swelled by 4.7 million barrels in the latest week to their highest since July 2017.

Brent is set for its biggest weekly fall in six months and WTI in 15 weeks.

Oil prices have rose by more than 30 percent this year.

Producers are capable of filling any market gap and that relaxing supply cuts is not the right decision.

Tensions in the Middle East continue to risk secure supply of oil from the region to the global market.