America is producing near-record amounts of oil, yet experts told Newsweek that isn't enough to bring gas prices down quickly.

By Georgina McCartney and Laura Matthews HOUSTON/NEW YORK, June 5 (Reuters) - Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive,

GMT on 5 June, Brent crude had fallen by $0.24, or 0.25%, to $94.79/bbl, having decreased by 2.84% in the previous session.

Global oil prices tumbled over 20% in May on hopes for the U.S.-Iran peace deal.

Even if hostilities with Iran end soon, consumers will probably face more pain at the pump because of depleted oil inventories and reserves around the world, oil executives say.

The S&P 500 rose 0.4% for its 10th gain in the last 11 days, a day after dropping from its all-time high. The Dow Jones Industrial Average soared 874 points, or 1.7%, to a record, and the Nasdaq composite slipped 0.1%.

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

Oil prices: Benchmark Brent crude traded at USD 95.27 per barrel, up 0.25 per cent, while U.S. West Texas Intermediate (WTI) held steady at USD 93.03.