Oil Prices Dip Amid US Inventory Build and Ongoing Mideast Disruptions
Oil prices dipped on Wednesday due to an unexpected build in US inventories, which overshadowed continued supply disruptions in the Middle East. According to data from the API, US inventories grew by 7.14 million barrels in the week to September 11, exceeding expectations for a 1.8 mb draw.
The rise in US stockpiles could be attributed to continued releases from the US Strategic Petroleum Reserve, with data showing the SPR shrank by nearly 130 mb so far in 2026, to 285.36 million barrels.
Despite global supply disruptions, oil prices were limited in their decline due to ongoing supply disruptions in the Middle East. Saudi Arabia had halted loading at its Yanbu port after attacks from Yemen's Iran-aligned Houthis, and reports suggested the Houthi aggression could disrupt about 4% to 5% of global oil supplies.