10-Jun-2026 13:42

Crude oil prices traded higher on Wednesday, with Brent crude rising to $91.68 per barrel and WTI crude climbing to $88.35, as fresh US strikes on Iranian targets heightened concerns over potential supply disruptions in the Persian Gulf. Supporting the rally, data from the American Petroleum Institute showed US crude inventories fell by 9.1 million barrels last week, following a 6.75 million-barrel draw in the previous week. The decline pushed stockpiles to their lowest level in four months, extending a cumulative reduction of nearly 44 million barrels over the past eight weeks. While tightening inventories point to a strengthening physical market, investors remain focused on upcoming US inflation data for clues on the Federal Reserve's policy path. Expectations of further rate hikes by the Fed, along with anticipated tightening from the ECB and BOJ later this month, could influence the outlook for energy demand and broader commodity markets.

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