What caused oil prices to stabilize near $110 per barrel on Tuesday?

Oil prices stabilized near $110 per barrel on Tuesday after U.S. President Donald Trump announced he had called off planned attacks on Iran and expressed a 'very good chance' of reaching a deal limiting Iran’s nuclear program, following a fresh peace proposal from Tehran delivered via Pakistan.

According to the International Energy Agency, what is the current status of global commercial oil inventories and projected supply impact from the Iran conflict?

The International Energy Agency (IEA) warned that commercial oil inventories were depleting rapidly, with only a few weeks' worth left due to the Iran war and closure of the Strait of Hormuz, and projected that overall global oil supply would fall by around 3.9 million barrels per day over 2026 because of the war.

Oil Prices Stabilize Near $110 as Iran Ceasefire Hopes Emerge

May 19, 2026

Crude prices held steady near $110/barrel following Trump's hints at Iran peace talks, despite IEA warnings on inventory depletion. NextEra also announced a $66.8 billion bid to acquire Dominion.

reuters

2026-05-19

Oil Prices Stabilize Near $110 as Iran Ceasefire Hopes Emerge

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