Oil prices were mixed on Thursday as investors weighed potential U.S. steps to ease restrictions on sanctioned oil tankers, while escalating conflict in the Middle East continued to support prices. Brent crude futures settled down 14 cents, or 0.13%, at $105.92 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.88, or 3.03%, to $97.97 a barrel.<\/p>\n\n\n\n
U.S. crude inventories fell by 8.6 million barrels to 415.6 million barrels for the week ended October 9, according to the Energy Information Administration (EIA), far exceeding analysts’ expectations for a draw of 288,000 barrels. The larger-than-expected decline helped support WTI prices, while gasoline inventories increased and distillate inventories declined.<\/p>\n\n\n\n
Geopolitical tensions continued to underpin the oil market as attacks on ships near the Strait of Hormuz intensified and conflict between Saudi Arabia and Yemen’s Houthis escalated. Ukraine also resumed attacks on Russian oil refineries, adding to concerns about potential supply disruptions. Meanwhile, the International Energy Agency (IEA) agreed to accelerate the release of more than 20 million barrels of diesel, along with remaining oil from its record emergency reserves release pledged in March, as countries continue efforts to increase supply and ease elevated energy prices.<\/p>\n\n\n\n