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WTI slides after US crude inventories jump, despite Hormuz tensions
WTI was about $81.60, down 0.77% on the day, as a large inventory build offset renewed supply-risk concerns around the Strait of Hormuz.
West Texas Intermediate reversed lower on Wednesday and traded around $81.60, down 0.77% on the day, as a sharp increase in US crude inventories outweighed concerns about global supply.
Tensions remained focused on the Strait of Hormuz, where President Donald Trump said the situation with Iran is going fine, while Tehran maintained the waterway will stay closed until its conditions are met. Those conditions include an end to the US war and blockade, release of frozen Iranian assets, and a regional ceasefire, after US forces disabled a Panama-flagged cargo ship.
FXStreet also pointed to escalating shipping risk around key energy routes. It cited International Energy Agency forecasts showing global oil supply down by 4.3 million barrels per day, to 102.02 million bpd, and global oil inventories falling by 2.2 million bpd last month, pushing total stocks below 7.9 billion barrels for the first time since April 2025. The IEA expects a larger deficit in the third quarter, 1.8 million bpd, more than twice the prior July estimate.
Latest closeWTI crude $83.42 ▲1.6%