Crude Inventories Plummet to Lowest Level Since 2018 Amid Escalating Tensions

US commercial crude oil inventories plummeted to their lowest level since 2018 last week, falling by 7.2 million barrels to 404.5 million barrels, according to data from the Energy Information Administration (EIA).

The unexpected drop was driven by increased refinery processing and higher exports, with US refineries stepping up production despite ongoing geopolitical tensions between the United States and Iran.

Crude stocks at the Cushing, Oklahoma delivery hub also reached their lowest level since 2014, falling by 771,000 barrels to 18.6 million barrels.

The drawdown in crude inventories was more significant than expected, with analysts forecasting a 1.3 million-barrel decline.