Oil prices fell on Wednesday, with Brent crude futures down 93 cents, or 0.86%, at $107.82 a barrel at 00:28 GMT, while U.S. West Texas Intermediate crude futures fell 97 cents, or 0.92%, to $104.86 a barrel, after an unexpected rise in U.S. crude inventories amid continuing concerns over supply disruptions in the Middle East.
U.S. inventories weigh on prices
The decline came after futures for the two benchmarks closed more than $3 higher on Tuesday, reaching their highest levels since May 19.
Market sources, citing data from the American Petroleum Institute, said U.S. crude oil, gasoline and refined-product inventories rose last week. Crude inventories increased by 7.1 million barrels in the week ended September 11, compared with analysts' expectations for a decline of about 1.6 million barrels.
Vessel traffic through the Strait of Hormuz declines
The number of vessels carrying commodities through the Strait of Hormuz fell to fewer than 10 trips a day at the start of the week, compared with an average of 14 trips over 10 days, heightening concerns over a route that normally carried about one-fifth of global oil supplies before the U.S.-Israeli war on Iran began on February 28.
In Saudi Arabia, a source at the Energy Ministry said the East-West pipeline in the Riyadh and Medina regions was targeted several times on the morning of Thursday, September 10, 2026, prompting its precautionary shutdown and causing some injuries. The source added that those injured received medical care.
Operations suspended at three Libyan fields
In Libya, the National Oil Corporation announced the suspension of operations at three oil fields after protesting members of the Petroleum Facilities Guard closed a valve on the Hamada-Zawiya crude export pipeline.
National Oil Corporation Chairman Massoud Suleiman said Libya's oil production had not been significantly affected by the shutdowns and remained at about 1.4 million barrels per day.
