Crude oil prices ended higher on Wednesday as supply disruption concerns deepen after the U.S. attacked several Iranian targets for the 11th straight night, while endeavors by intermediaries to reach a truce between both the nations are at a standstill. On the inventory front, data from the American Petroleum Institute (API) revealed that US crude oil inventories posted an unexpected build of 2.603 million barrels in the week ending July 17, compared with market expectations for a 1.5 million-barrel draw, after a 564,000-barrel decline in the previous week.
Benchmark crude oil futures for September delivery increased by $2.49 or 2.95% to settle at $86.83 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was up by $3.06 or 3.36% to settle at $94.07 a barrel on the New York Mercantile Exchange.
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