Summary

Oil prices fell for a second straight day on Wednesday as expectations grew that supply from the Middle East could resume, after US President Donald Trump signalled progress toward a possible peace deal with Iran. Brent crude for July delivery dropped $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after falling 4% in the previous session. US West Texas Intermediate (WTI) for June declined $1.50, or 1.47%, to $100.77, following a 3.9% drop a day earlier, Geo News reported. The decline came after Trump said he would briefly pause ‘Project Freedom’, an operation to escort ships through the Strait of Hormuz, citing progress toward a broader agreement with Iran. There was no immediate response from Tehran. Despite the pause, Trump said the US Navy would maintain its blockade of Iranian ports. “We have mutually agreed that, while the blockade will remain in full force, Project Freedom will be paused briefly to see if an agreement can be finalised,” Trump said in a social media post. The announcement came hours after US Secretary of State Marco Rubio outlined efforts to escort stranded tankers through the strait. Earlier, the US military said it had destroyed several Iranian boats, cruise missiles and drones while guiding vessels through the Gulf. Supply disruptions in the region had tightened global markets, drawing down inventories as refineries scrambled to meet demand. US crude stocks fell for a third consecutive week, alongside declines in gasoline and distillate inventories, according to data cited from the American Petroleum Institute. Crude inventories dropped by 8.1 million barrels in the week ended May 1, while gasoline stocks fell by 6.1 million barrels and distillates by 4.6 million barrels. Story continues below this ad Overall, easing geopolitical tensions have shifted market sentiment, with traders increasingly focusing on fundamentals even as risks in the region persist. The Express Global Desk at The Indian Express delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students. All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy: Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership. Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage. Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read More