Overview
- Prices eased early Wednesday after President Trump said the war would end "very quickly," though he kept the option of new strikes after postponing an attack late Monday.
- A private American Petroleum Institute survey Tuesday pointed to a larger-than-expected U.S. crude draw ahead of the official EIA report due Wednesday.
- IEA chief Fatih Birol said commercial inventories could cover only several weeks at the current burn rate as demand rises into the travel season.
- The Strait of Hormuz remains disrupted, removing about a fifth of normal global oil flows, and a senior NATO official said escorts are under consideration if it stays shut into early July.
- U.S. strategic stocks are being tapped at record pace, with a 9.9 million-barrel weekly SPR draw pushing exports toward 5.5 million barrels per day and lowering the reserve to about 374 million barrels.