WTI Crude Prices Steady Amid US Inventory Build, Strait of Hormuz Concerns

WTI crude oil prices held steady on Wednesday despite a larger-than-expected build in US crude stockpiles. According to data from the Energy Information Administration (EIA), inventories rose by ... million barrels, surpassing analyst forecasts of a ... million barrel increase.

The EIA attributed the build to higher domestic production and softer refinery demand.

However, geopolitical risks surrounding the Strait of Hormuz took precedence over the inventory data. The narrow waterway between Oman and Iran is crucial for global oil supply, with approximately 20% of petroleum consumption passing through it daily.

The market remains on edge due to recent incidents involving tanker traffic and heightened military posturing in the region.