INPEX and Japan Petroleum Exploration fall as WTI crude temporarily drops to $87 level
INPEX CORPORATION <1605> and Japan Petroleum Exploration Co., Ltd. <1662> shares traded lower on May 28, tracking a sharp decline in U.S. crude oil futures on May 27, where the West Texas Intermediate (WTI) July contract dropped $5.21 to $88.68 per barrel after temporarily hitting a one-month low of $87.77. The sell-off intensified after Iranian state media reported on May 27 that Tehran had obtained a memorandum to end hostilities with the U.S., which reportedly included provisions to restore commercial shipping through the Strait of Hormuz to pre-war levels within a month. While crude prices plunged on expectations of normalized navigation through the strategic strait, the White House swiftly dismissed the report as "a complete fabrication." Amid these conflicting headlines, WTI prices recovered to around $90 per barrel in after-hours electronic trading as of 10:00 a.m. Tokyo time.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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