Overview
- Brent hovered near $70 and WTI around $65 after a modest rise, with traders pricing a risk premium tied to U.S.–Iran tensions.
- EIA data showed U.S. crude inventories up 8.5 million barrels to 428.8 million, with gasoline stocks higher, distillates lower, and refinery utilisation down 1.1 percentage points.
- Reports said Washington has discussed seizing tankers carrying Iranian oil and could send a second carrier group, and a U.S. maritime advisory urged American‑flagged ships to keep clear of Iranian waters in the Strait of Hormuz.
- The EIA’s Short‑Term Energy Outlook projects Brent averaging $58 in 2026 and $53 in 2027, while the IEA cut its 2026 demand growth view, reinforcing expectations of ongoing stock builds.
- An earlier API estimate pointed to an even larger 13.4 million‑barrel U.S. crude build, and additional supply signs such as higher Venezuelan exports have capped price gains despite stronger U.S. jobs data.