NEW YORK – Global crude futures retreated over 2%, with Brent crude settling at USD 87.07 per barrel and WTI dropping to USD 81.25 per barrel as market participants reacted to a sharp, unexpected U.S. crude inventory build of 17.4 million barrels. This pullback ended a multi-day rally, further pressured by revised, lower 2026 global demand growth projections from both OPEC and the IEA. However, bigger losses in the market were limited by ongoing risks to supply from geopolitical issues, such as reported drone strikes on Saudi Aramco’s Jazan refinery and a three-week low in ship traffic through the Strait of Hormuz, which keeps freight costs high in key energy shipping routes.
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(Source: The Star)
