Crude oil futures end higher amid ongoing tensions in Strait of Hormuz
US crude inventories rose by 1.925 million barrels to 465.7 million barrels in the week ended April 17
Crude oil futures ended higher on Wednesday as markets assessed the evolving dynamics between the United States and Iran. While US President Donald Trump announced an extension of the fragile ceasefire, continued restrictions in the Strait of Hormuz kept supply concerns firmly in focus. Meanwhile, a report released by the Energy Information Administration (EIA) showed US crude inventories rose by 1.925 million barrels to 465.7 million barrels in the week ended April 17, compared with expectations for a 1.2 million barrel draw.
Benchmark crude oil futures for June delivery rose by $3.29 or 3.67% to settle at $92.96 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged by $3.43 or 3.48% to settle at $101.91 a barrel on London's Intercontinental Exchange.
