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Global oil prices edged lower on Wednesday morning after data from the American Petroleum Institute revealed a significant build in U.S. crude stockpiles, putting downward pressure on markets already navigating complex geopolitical developments across the Middle East.
Brent crude futures slipped $1.15, or 1.11%, to $102.27 per barrel in early trading, while U.S. West Texas Intermediate fell $1.54, or 1.6%, settling at $94.67 per barrel. The decline came after API figures indicated that American crude inventories climbed by approximately 6.56 million barrels for the week ending March 13 — far exceeding a Reuters analyst poll that had projected a modest increase of around 380,000 barrels.
On the supply side, developments in the Middle East offered a mixed picture. Iraq's oil minister announced that Baghdad and the Kurdistan Regional Government struck a deal to resume crude exports through Turkey's Ceyhan energy hub, with flows expected to begin Wednesday morning. Meanwhile, Libya's National Oil Corporation confirmed that production at the Sharara oilfield continued uninterrupted after a fire prompted operators to reroute output through alternative pipelines, with no injuries reported.
Escalating tensions between Iran and Israel added another layer of uncertainty to global energy markets. Tehran confirmed the death of senior security official Ali Larijani, attributed to an Israeli strike, marking one of the most high-profile casualties since the onset of the U.S.-Israeli conflict. Separately, the U.S. military conducted strikes on Iranian coastal positions near the strategically vital Strait of Hormuz, citing threats to international shipping from Iranian anti-ship missiles.
Despite the heightened regional tension, some market analysts interpreted these developments as potential signals of a faster resolution to the conflict. Mingyu Gao, chief energy researcher at China Futures, noted that recent events near the Strait of Hormuz have sparked cautious optimism that hostilities could wind down sooner than anticipated.
