US Oil Update: Futures Hold Steady After US Intensifies Iran Strikes, Inventory Draw
Crude oil futures were little changed in midday trading on Wednesday as markets weighed a new wave of US military strikes against Iran to limit its ability to strike ships in the Strait of Hormuz against a smaller-than-expected drop in US crude oil inventories. Front-month West Texas Intermediate crude futures eased 0.30% to $79.17 per barrel, while Brent futures were down 0.18% to $84.58/bbl. Soojin Kim, research analyst at MUFG, said fresh US strikes targeting Iran's coastal military infrastructure and continued attacks on commercial vessels have kept tanker traffic through the Hormuz severely disrupted. US commercial crude oil inventories decreased by 1.7 million barrels to 409.7 mmbbls in the week ended July 10, the Energy Information Administration said in its weekly report on Wednesday, less than Investing.com's forecast of an 1.8-mmbbl draw. Crude inventories are now about 6% below the five-year average for this time of year, the agency said. On Wednesday, the US launched a fresh round of attacks on Iran, hours after President Trump said military strikes would intensify next week if Tehran does not cooperate in peace negotiations. US Central Command said in a social.
Crude oil futures were little changed in midday trading on Wednesday as markets weighed a new wave of US military strikes against Iran to limit its ability to strike ships in the Strait of Hormuz against a smaller-than-expected drop in US crude oil inventories.
Front-month West Texas Intermediate crude futures eased 0.30% to $79.17 per barrel, while Brent futures were down 0.18% to $84.58/bbl.
Soojin Kim, research analyst at MUFG, said fresh US strikes targeting Iran's coastal military infrastructure and continued attacks on commercial vessels have kept tanker traffic through the Hormuz severely disrupted.
US commercial crude oil inventories decreased by 1.7 million barrels to 409.7 mmbbls in the week ended July 10, the Energy Information Administration said in its weekly report on Wednesday, less than Investing.com's forecast of an 1.8-mmbbl draw.
Crude inventories are now about 6% below the five-year average for this time of year, the agency said.
On Wednesday, the US launched a fresh round of attacks on Iran, hours after President Trump said military strikes would intensify next week if Tehran does not cooperate in peace negotiations.
US Central Command said in a social.