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Oil prices moved modestly higher during Asian trading on Wednesday, recovering slightly from sharp losses in the previous session. However, crude prices remained near three-month lows as investors continued to assess the impact of a potential increase in global oil supply following a U.S.-Iran peace agreement.
Brent crude futures for August delivery rose 0.6% to $79.40 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.6% to $76.52 per barrel. Despite the rebound, both oil benchmarks remain under pressure after falling around 5% on Tuesday, their steepest decline in months. Brent settled at $78.96 per barrel, while WTI closed at $76.05.
Support for oil prices came from a significant decline in U.S. crude inventories, signaling strong fuel demand in the world’s largest oil-consuming nation. According to data from the American Petroleum Institute (API), U.S. crude stockpiles dropped by 8.33 million barrels during the week ending June 12, far exceeding market expectations of a 4.5 million-barrel decline.
The inventory report also showed gasoline stocks increased by 2.48 million barrels, while distillate inventories, including diesel and heating oil, edged down by 10,000 barrels. The substantial draw in crude supplies suggested tighter near-term market conditions and continued demand strength.
Despite the bullish inventory data, market sentiment remained cautious due to the recently announced U.S.-Iran agreement. The deal is expected to restore maritime traffic through the Strait of Hormuz and remove restrictions on Iran’s oil exports. Under the agreement, the United States will lift its blockade of Iranian ports, while Tehran has committed to preventing the development of nuclear weapons.
The prospect of Iranian crude returning to international markets has reduced the geopolitical risk premium that previously supported oil prices. Traders expect increased Middle Eastern oil supply and improved shipping access through one of the world's most important energy corridors.
However, uncertainty surrounding the implementation timeline continues to limit further downside pressure. Shipping companies and energy traders are awaiting additional details regarding security measures and operational procedures before fully resuming activity.
Investors are now closely watching official U.S. government inventory data for confirmation of the API figures, which could provide further direction for global oil markets and crude price forecasts in the coming sessions.
