US Oil Inventories Fall to 'Precariously Low' Levels Amid Escalating Middle East Conflict

U.S. commercial crude oil inventories sharply decreased by 7.2 million barrels last week, with the Strategic Petroleum Reserve also falling by 3.8 million barrels. This drawdown comes as refiners increase activity to capitalize on surging fuel prices, which are driven by renewed hostilities in the Middle East. Brent crude prices climbed to around $87 per barrel, reflecting market concerns over supply disruptions.