Crude stockpiles fell less than expected while gasoline draws exceeded estimates, amid renewed Iran sanctions lifting oil markets.
Oil prices climbed after a private inventory survey showed a smaller-than-expected crude draw of 1.5 million barrels, missing forecasts. Distillate stocks unexpectedly declined instead of rising, while gasoline inventories dropped more than the anticipated 1.55 million barrels.
Expectations had centered on a 1.5 million barrel crude draw, a 1 million barrel distillate build, and a 1.55 million barrel gasoline draw. The data follows the reimposition of U.S. sanctions on Iran, adding supply concerns to the market.
The return of sanctions on Iran contributed to upward pressure on oil prices, reversing a brief lull in market focus on geopolitical risks.