Oil prices rise amid incident in Arabian Sea and US inventory deficit
Kyiv • UNN
Global oil prices are rising due to an Iranian drone shot down by a US fighter jet and a record reduction in US crude oil inventories. This raises concerns about possible supply disruptions through the Strait of Hormuz.
Global energy prices have resumed their growth after a brief lull. The main factors putting pressure on the market were a new escalation in relations between Washington and Tehran over a downed drone, as well as an unexpectedly sharp reduction in commercial oil inventories in the United States. This is reported by Bloomberg, writes UNN.
Details
On Tuesday, February 3, an American fighter jet shot down an Iranian drone that dangerously approached the USS Abraham Lincoln aircraft carrier in the Arabian Sea. Despite this incident, President Donald Trump confirmed his intention to continue negotiations with Tehran, scheduled for next Friday. White House Press Secretary Caroline Leavitt emphasized that Washington acted in self-defense but remains open to dialogue.
Markets reacted to these events with a jump: the price of WTI oil rose to $64 per barrel, and Brent stabilized above $67. Traders are concerned that any accidental escalation in a region that provides a third of global production could lead to supply disruptions through the Strait of Hormuz.
Record drop in US inventories
Additional impetus for price growth came from data from the American Petroleum Institute (API). According to the report, US crude oil inventories decreased by 11.1 million barrels last week. If these figures are confirmed by the official report of the Ministry of Energy on Wednesday, it will be the largest weekly decline in inventories since last summer.
We are seeing a combination of geopolitical risk and a real physical deficit in the US domestic market. Even against the backdrop of an overall global oversupply, local factors are now dominating pricing.
Despite the current rally, the situation remains unstable due to fluctuations in precious metals markets, where gold and silver also show high volatility in early February.
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