# Oil prices settle at multi-week highs as global supply worries mount

> Oil futures settled at multi-week highs as US inventory data showed a larger weekly crude and fuel draw. Brent rose more than 6% to about $118 a barrel, and June WTI gained about 7% to around $106.

- Date: 2026-05-01 · published 2026-05-01T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/19882-oil-prices-settle-at-multi-week-highs-as-global-supply-worries-mount
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Higher crude and diesel costs raise energy and transport expenses for feed mills and farms, and tend to support soybean oil and biofuel-linked feedstock prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-reports-us-will-extend-iran-blockade-prolonging-mideast-supply-2026-04-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.