Oil Prices Slip On Signs Of Inventory Build

(RTTNews) - Oil prices edged lower on Wednesday as supply worries eased somewhat despite continued Middle East tensions.

Benchmark Brent crude futures dropped 0.4 percent to $103.01 a barrel while WTI crude futures for May delivery were down 1.5 percent at $94.06.

Supply concerns eased after data from the American Petroleum Institute showed that U.S. oil inventories grew by 6.60 million barrels in the past week, against expectations for a 0.6 mb draw.

Additionally, Iraqi and Kurdish authorities agreed to resume oil exports through Turkey's Ceyhan port, offering some relief to investors worried about supply disruptions caused by the escalating U.S.-Israel war on Iran.

As the Middle East conflict entered its 19th day, Iran has intensified its attacks on Israel and U.S. bases across Gulf nations.

Overnight, heavy strikes targeted key U.S. military installations, including Al Udeid Air Base in Qatar, Al Dhafra Air Base in the UAE, and Ali Al Salem Air Base in Kuwait.

Saudi Arabia's Ministry of Defence reported intercepting and destroying drones in the eastern region of the country.

According to The Times of Israel, Iran launched ballistic missile strikes on central Israel, reportedly using warheads suspected to contain cluster munitions. These weapons release multiple smaller bombs over a wide area, causing large-scale destruction.

Meanwhile, the U.S. military is targeting Iranian missile sites near the Strait of Hormuz. "Hours ago, U.S forces successfully employed multiple 5,000-pound deep penetrator munitions on hardened Iranian missile sites along Iran's coastline near the Strait of Hormuz," the U.S. military said on X.

Iran has confirmed the death of its security chief in a further intensification of the Middle East war.

Russia is sharing satellite imagery and drone technology with Iran, the Wall Street Journal reported.