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Tehran's exports touch the lowest level in six years, oil prices also strengthen
Focus on Crude Oil:
Iran's oil exports in May plummeted to the lowest level in six years due to ongoing blockade.
Global oil demand remains strong despite conflicts in the Middle East, reaching 1.2 million bpd this year, according to OPEC.
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Friday, June 5, 2026 - At the close of this morning's session, oil prices are observed to be rising driven by sentiment from data on declining Iranian oil exports and disruptions at the Oman oil terminal. Additionally, OPEC's optimistic projection of demand growth also acts as a positive catalyst for oil prices.
Iran only exported 209,000 bpd of crude oil and condensate in May, down from 1.34 million bpd in April and nearly 1.9 million bpd in March, according to the latest shipping data from Vortexa. These export figures are the lowest since 2019-2020, and about 67 million barrels of Iranian crude oil and condensate remain trapped in the Persian Gulf and Oman Gulf due to a blockade by the US Navy, said Kpler.
Also from the Middle East, the Mina al Fahal terminal in Oman has suspended oil loading following an explosion near the dock suspected to be caused by a drone attack, two people familiar with the matter said on Friday.
Additional support comes from OPEC, which sees no signs of declining oil demand despite conflicts in the Middle East and the closure of the Strait of Hormuz, with growth expected to remain strong, reaching 1.2 million bpd this year, said Secretary-General Haitham Al Ghais on Thursday.
Meanwhile, Hezbollah on Thursday stated that it rejects Israel-Lebanon ceasefire plans announced in Washington, following Israel's latest attack that killed 4 people in Lebanon. Hezbollah leader Naim Kassem emphasized that his forces will not withdraw from southern Lebanon. This rejection also dampens hopes for progress in peace negotiations between the US and Iran.
From a technical perspective, oil prices have the potential to encounter the nearest resistance at $96 per barrel. However, if negative catalysts appear, prices could fall to the nearest support at $91 per barrel.