Oil Gains Despite Reserve Withdrawal Pledge
Oil prices rose despite the International Energy Agency accelerating the withdrawal of 100 million barrels from oil reserves to support the market. This comes amid concerns over increasing attacks on oil shipments in the Gulf and the Strait of Hormuz, which previously handled about 20% of global oil traffic before the war. Brent crude oil increased to $101.53 per barrel, while WTI climbed to $89.39. Meanwhile, U.S. oil inventories decreased to 424.1 million barrels, reflecting market worries about supply disruptions in the region.
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