FX.co ★ Oil Pulls Back as US Inventories Rise

Crude oil prices fell below $105 per barrel on Wednesday, pulling back from four‑month highs after industry data revealed an unexpected jump in US crude inventories, even as supply disruptions widened in the Middle East. According to API figures, US crude stockpiles surged by 7.14 million barrels last week, reversing a 300,000‑barrel drawdown the week before and confounding expectations for another decline.

At the same time, oil loadings at Saudi Arabia’s Yanbu port remained halted following the shutdown of the critical East–West pipeline. There is still no clear timeline for when the pipeline—an important route that bypasses the Strait of Hormuz—will resume operations, as Iran‑backed Houthi militants renewed attacks on Saudi Arabia this week.

In Libya, the national oil company suspended operations at two oilfields and a pumping station amid ongoing protests. Despite these disruptions, the country’s overall oil production has remained broadly steady at about 1.4 million barrels per day.