Global crude oil prices rose by more than $2 a barrel on Wednesday morning. Brent crude surged 4.3% to $87.70 per barrel, while U.S. West Texas Intermediate climbed 4.2% to $82.60 per barrel.
According to data released by the American Petroleum Institute, U.S. crude inventories registered an unexpected drawdown. The sharp rebound followed a major decline in commercial stockpiles, reversing the previous session’s losses.
The drawdown defied market expectations of steady supply levels. Tighter domestic inventories signaled stronger consumer demand and constrained regional storage, prompting aggressive buying across global commodity exchanges during early Asian trade.
The recovery follows a volatile week for energy benchmarks. Prices dropped over 4% on Tuesday as traders reacted to a temporary pause in fighting between Washington and Tehran, which temporarily eased supply fears.
However, ongoing risks along key shipping lanes around the Strait of Hormuz, combined with potential OPEC+ production pauses, quickly restored the geopolitical risk premium to global crude markets.
