US crude stockpiles surged 17.422 million barrels last week, far exceeding forecasts for a 1.4 million barrel decline.
West Texas Intermediate crude fell to $82.45 in early Asian trading Thursday after US inventories rose 17.422 million barrels for the week ending August 7. The build sharply outpaced expectations, with analysts forecasting a 1.4 million barrel drawdown.
Stockpiles had increased by 2.479 million barrels the prior week. The larger-than-expected supply gain weighed on prices as traders assessed near-term oversupply risks amid stalled US-Iran negotiations.
Market focus remains on geopolitical tensions in the Strait of Hormuz, where Iran rejected US claims of control over the critical oil transit route. Any signs of progress in talks could ease supply concerns, though analysts warn of limited long-term relief.