Gold Steadies Amid Middle East Uncertainty and US Economic Data
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Oil Prices Volatile on Uncertainty Over US-Iran Deal Resolution
On May 21, Brent crude settled at $102.58 per barrel down $2.44 (2.3%) and WTI at $96.35 down $1.90 (1.9%), with prices whipsawing amid uncertainty over prospects for ending the US-Israeli conflict with Iran and supply disruptions via the Strait of Hormuz.
Russia introduces fuel rationing in Sevastopol amid logistical challenges from Iran war
Russia has introduced fuel rationing for cars in the port city of Sevastopol in Russian-occupied Crimea due to logistical challenges, as reported on May 23, 2026. This comes amid broader impacts from the Iran conflict on energy supplies.
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Oil prices rose over 2% on May 21 as Iran's Supreme Leader directed that near-weapons-grade uranium must stay in the country, complicating potential US-Iran deals. Brent crude gained $1.95 to around $106.97 per barrel and WTI rose to $100.61.
Russia introduces fuel rationing in Crimea's Sevastopol amid logistical challenges
Russia has introduced fuel rationing for cars in the port city of Sevastopol in Russian-occupied Crimea due to logistical challenges, according to the local governor on May 23, 2026. This follows ongoing Middle East tensions affecting energy supplies.
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On May 22, 2026, Brent crude futures settled around $104.25, up 0.69-0.95% for the day, with WTI near $97, as ongoing geopolitical tensions in the Middle East continue to support prices despite some volatility from earlier peace talk reports.
US oil producers increase output to capture price surge from Iran war
US oil producers are ramping up output to take advantage of higher crude prices driven by the ongoing Iran conflict. This development was reported on May 23, 2026.