Global oil prices continue to show growth after Donald Trump's statements about his intention to maintain a tough strategy of pressure on the Iranian oil sector. Additional support for the quotes was provided by data on a sharp decline in crude oil reserves in the United States.
According to the US Energy Information Administration (EIA), the country's crude oil reserves fell by 5.84 million barrels per week, reaching the lowest seasonal level in 11 years. The decline continues for the fifth consecutive week, reflecting the consistently high level of utilization of American refining capacities.
The increased demand from refineries is due to an attempt to capitalize on lower prices for petroleum products and an increase in refining margins. Analysts note that the current dynamics confirm the narrowing of supply in the market, which increases support for prices amid geopolitical tensions.
On a parallel political plane, Donald Trump reiterated his policy of maximum pressure on Iran, including limiting its oil exports. The former president's remarks were perceived by the markets as a signal to continue the sanctions policy, which increases the risks of disruptions in supplies from the Middle East — a key region for the global oil market.
Brent and WTI crude futures are showing growth against the background of these factors, and traders continue to monitor the situation around Iranian oil and US inventory indicators as the main drivers of the near-term price dynamics.
