The Commodities Feed: Lingering Iran uncertainty has oil prices oscillating in Oil & Companies News 22/05/2026 Energy – Oil focus remains on US-Iran negotiations Markets are still searching for signs of progress in a potential deal between the US and Iran. While there are signs of optimism, uncertainty reigns. This is not the first time a deal seemed close, only for negotiations to break down. So, there’s a large segment of the market that will be more sceptical about the positive signals we are seeing. While Iran said that the gap between demands has narrowed, there’s still the issue of its uranium enrichment — as well as the uranium stockpile it is sitting on. The US wants this stockpile transferred out of the country. The other issue is the management of the Strait of Hormuz. Iran is pushing for a formal toll system through the strait, a move that will face considerable pushback. Its implementation would set a risky precedent for the free flow of vessels through key chokepoints globally. Uncertainty over a potential deal is reflected in oil prices, with the market being whipsawed by headlines. However, ICE Brent still managed to settle 2.3% lower yesterday and below $103/bbl, its lowest close since early May. The latest refined product inventory data from Insights Global for the ARA region shows that total refined product stocks increased by just 3kt week-on-week to 4.46mt. Gasoline inventories fell by 131kt WoW to 1.04mt; they continue to hover below the 5-year average. The decline in gasoline stocks was offset by increases in other products. Gasoil stocks increased by 55kt, while jet fuel inventories increased by 26kt WoW despite the ongoing disruptions to Middle Eastern refined product flows. However, jet fuel stocks at 590kt remain well below the 5-year average of 844kt for this time of year. The strength in the jet regrade has led refineries around the globe to increase jet fuel yields. This will help ease some of the tightness in the jet fuel market. Th