Crude oil futures settled higher on Wednesday amid renewed Middle East tensions after the U.S. and Iran exchanged fresh strikes while U.S. President Donald Trump called the U.S.-Iran ceasefire over. On the inventory front, data from the U.S. Energy Information Administration revealed that US crude oil inventories increased by 2.998 million barrels to 411.3 million barrels in the week ended July 3, marking the first rise after ten consecutive weeks of declines and compared with market expectations for a 2.4 million-barrel draw.
Benchmark crude oil futures for August delivery increased by $3.08 or 4.37% to settle at $73.52 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained by $3.86 or 5.20% to settle at $78.02 a barrel on the New York Mercantile Exchange.
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