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Commodities

Oil Gains as US Stockpiles Drop, Trump Sticks to Iran Pressure

A refinery in Houston on June 23.

Photographer: Mark Felix/Bloomberg

Oil drifted higher after the biggest two-day decline since 2022 as President Donald Trump downplayed the prospects of near-term sanctions relief for Iran and a government report showed a large drop in US crude stockpiles.

West Texas Intermediate edged up 0.9% to settle just below $65 a barrel, after slumping 14% over the previous two sessions. Trump said the US would hold a meeting with Iran next week, but maintained that he is “not giving up”Bloomberg Terminal a maximum-pressure campaign targeting Tehran’s petrodollars. Still, he declared the tensions in the region as “over.”