According to international media reports, oil prices fell on Wednesday, with Brent futures declining by 36 cents (0.47%) to $76.64 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped by 37 cents (0.5%) to $72.95 per barrel.
This decline ended a three-day rally during which Brent prices had risen by 3.6%, and WTI had gained 3.7%.
An industry report revealed an increase in U.S. crude stockpiles, while concerns over tariffs weighed on market sentiment. These factors counteracted the three-day price surge driven by rising tensions in the Middle East and strict sanctions.
According to data from the American Petroleum Institute, crude oil inventories in the U.S.—the world’s largest producer and consumer of oil—surged by 9.4 million barrels in the week ending February 7.
Another factor contributing to the price decline was growing concern that the imposition or threat of multiple U.S. tariffs could slow global economic growth and curb energy demand.
Additionally, heightened tensions in the Middle East added uncertainty to the market. Israeli Prime Minister Benjamin Netanyahu and former U.S. President Donald Trump issued separate warnings that a ceasefire agreement in Gaza could collapse if Hamas failed to release Israeli hostages.
This geopolitical uncertainty led to more than a 1% increase in crude oil prices on Tuesday. The surge was further fueled by U.S. sanctions disrupting Russian oil supplies to China and India, along with Trump’s “maximum pressure” campaign on Iranian oil.
