Oil holds steady amid falling US inventories and Trump's pressure on Iran

According to Bloomberg, oil prices held their earlier gains on Thursday. The news agency attributes this trend to US President Donald Trump's statement about continuing pressure on the Iran oil industry and a government report showing a significant decline in domestic crude inventories.

Earlier this week, oil experienced its largest two-day drop since 2022, following a truce agreement between Israel and Iran that eased concerns about potential disruptions to energy shipments from the Middle East.

Currently, the ongoing US pressure on Iran is supporting the market by limiting the prospects for oil supplies in the global market. Additionally, government data revealed that American crude oil inventories have decreased for the fifth consecutive week by 5.84 million barrels, reaching an 11-year seasonal low. US companies are ramping up oil processing as gasoline demand hits its highest levels since December 2021.

Looking ahead, the market is likely to shift its focus to the upcoming OPEC+ meeting on July 6, where production policy for August will be determined, Bloomberg reports.