Tuesday, May 5, 2026
Business - LEVEL2

Oil Prices Under Pressure from U.S.-Iran Tensions and Supply Concerns

By aimee yang

Oil prices fell after rising sharply on Monday. Traders are worried about possible supply problems because of new tensions between the United States and Iran.

On Tuesday, Brent crude oil prices dropped by 1.26% to $113 per barrel, while U.S. West Texas Intermediate (WTI) futures decreased by 2.12% to $104.16 per barrel. On Monday, Brent and WTI had increased by 6% and 4%, respectively.

Tensions rose after the United Arab Emirates was attacked by Iranian drones and missiles, and the U.S. claimed it had sunk Iranian ships in the Strait of Hormuz. President Donald Trump warned that Iran would face serious consequences if it attacked U.S. ships in the strait.

Goldman Sachs noted that global oil inventories are not critically low, but some regions may face shortages soon. Refined products like jet fuel and naphtha are being used up quickly. Chevron’s CEO Mike Wirth said fuel shortages are becoming a bigger worry as access to the strait is limited.

Currently, global oil stocks should meet about 101 days of demand. However, this figure hides growing shortages in countries like South Africa, India, Thailand, and Taiwan.

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Vocabulary List:
6 words · tap to reveal
ON

Accent

tensions/ˈtɛnʃənz/noun
problems or bad feelings between countries or groups

inventories/ˈɪnvənˌtɔriz/noun
stored amounts of goods kept for later use

refined/rɪˈfaɪnd/adjective
processed to make purer or usable

shortages/ˈʃɔrtɪdʒɪz/noun
not enough of something that is needed

futures/ˈfjuːtʃərz/noun
contracts to buy or sell later at set price

consequences/ˈkɑnsəˌkwɛnsɪz/noun
results of an action or event
Vocabulary Learning

How much do you know?

What percentage did Brent crude oil prices drop on Tuesday?
1.26%
2.12%
6%
4%
Which oil price decreased by 2.12% on Tuesday?
Brent crude
WTI
Jet fuel
Naphtha
What event caused tensions to rise in the region?
U.S. sanctions
Iranian drone attacks
Oil price hikes
Global inventory shortages
Who warned of serious consequences for Iran if it attacked U.S. ships?
Goldman Sachs
Mike Wirth
President Donald Trump
Iran's leader
What is the current estimated time global oil stocks can meet demand?
101 days
60 days
90 days
120 days
Which company’s CEO expressed concerns about fuel shortages?
Goldman Sachs
Chevron
BP
Exxon
Oil prices rose sharply after the tensions between the U.S. and Iran.
Goldman Sachs reported that global oil inventories are critically low.
Chevron's CEO stated that fuel shortages are becoming a bigger concern.
Brent crude and WTI both increased in price on Monday.
Iran launched drone attacks on the United States.
The U.S. claimed it had sunk Iranian ships in the Strait of Hormuz.
On Tuesday, Brent crude oil prices dropped by to $113 per barrel.
The U.S. claimed it had sunk Iranian ships in the of Hormuz.
Currently, global oil stocks should meet about days of demand.
Tensions rose after the United Arab Emirates was attacked by Iranian and missiles.
Refined products like jet fuel and are being used up quickly.
Some regions may face shortages soon, despite global oil inventories not being critically .
This question is required
aimee yang
aimee yanghttps://esl-news.com

Test Your Understanding

Start Quiz
Vocabulary List:
6 words · tap to reveal
ON
Accent
tensions/ˈtɛnʃənz/noun
problems or bad feelings between countries or groups
inventories/ˈɪnvənˌtɔriz/noun
stored amounts of goods kept for later use
refined/rɪˈfaɪnd/adjective
processed to make purer or usable
shortages/ˈʃɔrtɪdʒɪz/noun
not enough of something that is needed
futures/ˈfjuːtʃərz/noun
contracts to buy or sell later at set price
consequences/ˈkɑnsəˌkwɛnsɪz/noun
results of an action or event
Vocabulary Learning

How much do you know?

What percentage did Brent crude oil prices drop on Tuesday?
1.26%
2.12%
6%
4%
Which oil price decreased by 2.12% on Tuesday?
Brent crude
WTI
Jet fuel
Naphtha
What event caused tensions to rise in the region?
U.S. sanctions
Iranian drone attacks
Oil price hikes
Global inventory shortages
Who warned of serious consequences for Iran if it attacked U.S. ships?
Goldman Sachs
Mike Wirth
President Donald Trump
Iran's leader
What is the current estimated time global oil stocks can meet demand?
101 days
60 days
90 days
120 days
Which company’s CEO expressed concerns about fuel shortages?
Goldman Sachs
Chevron
BP
Exxon
Oil prices rose sharply after the tensions between the U.S. and Iran.
Goldman Sachs reported that global oil inventories are critically low.
Chevron's CEO stated that fuel shortages are becoming a bigger concern.
Brent crude and WTI both increased in price on Monday.
Iran launched drone attacks on the United States.
The U.S. claimed it had sunk Iranian ships in the Strait of Hormuz.
On Tuesday, Brent crude oil prices dropped by to $113 per barrel.
The U.S. claimed it had sunk Iranian ships in the of Hormuz.
Currently, global oil stocks should meet about days of demand.
Tensions rose after the United Arab Emirates was attacked by Iranian and missiles.
Refined products like jet fuel and are being used up quickly.
Some regions may face shortages soon, despite global oil inventories not being critically .
This question is required

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