Crude oil futures settled higher on Wednesday as fresh military strikes in the Middle East renew war concerns, thereby leaving the Strait of Hormuz blocked for oil and energy trade. On the inventory front, data from the American Petroleum Institute revealed that U.S. crude oil inventories fell by 6,800,000 barrels for the week ending May 29, sharply exceeding expectations for a 3,600,000-barrel decrease.
Benchmark crude oil futures for July delivery increased by $2.26 or 2.41% to settle at $96.02 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up by $1.81 or 1.89% to settle at $97.81 a barrel on the New York Mercantile Exchange.
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