Oil prices rose by over $3 amid attacks in the Strait of Hormuz and a drop in US fuel inventories
Kyiv • UNN
Brent and WTI prices rose after Iranian vessel attacks. US gasoline inventories fell by 4.6 million barrels, exceeding market analysts' expectations.
Global oil prices rose by more than $3 due to a reduction in US gasoline and distillate inventories, as well as reports of vessels being shelled in the Strait of Hormuz. This was reported by Reuters, writes UNN.
Details
Brent crude futures rose by $3.43 to $101.91 per barrel, while US WTI rose by $3.29 to $92.96. At peak trading moments, US oil prices rose by more than $4 per barrel.
US Fuel Inventories
According to the US Energy Information Administration, crude oil inventories increased by 1.9 million barrels to 465.7 million. At the same time, gasoline inventories decreased by 4.6 million barrels, which is significantly more than analysts expected.
Distillate inventories also decreased by 3.4 million barrels, exceeding the forecasted drop.
Incidents in the Strait of Hormuz
Additional pressure on the market was caused by events in the Strait of Hormuz. According to reports, at least three container ships were shelled, and two vessels were detained by Iranian naval forces for alleged violations of maritime law.
The Strait of Hormuz is a key route through which about 20% of the world's oil and liquefied gas supplies were transported before the war.
The situation is complicated by the lack of progress in negotiations between the US and Iran. US President Donald Trump announced an extension of the ceasefire, but it remains unknown whether other parties will agree to it.
Trump extended truce with Iran until April 26 – Israeli media22.04.26, 23:45 • 18808 views