Geopolitical risks in the Strait of Hormuz counterbalance a sharp increase in US crude inventories, keeping oil prices stable.
West Texas Intermediate crude oil holds near $82.20 per barrel, trading in a tight range as investors balance rising US inventory levels with ongoing supply concerns in the Middle East. The price remains close to its highest level in over a week.
US crude stockpiles saw a significant build, typically a bearish signal for prices. However, persistent tensions in the Strait of Hormuz, a critical chokepoint for global oil shipments, continue to support market sentiment. The region has seen heightened geopolitical risks in recent weeks.
Traders are closely monitoring developments, with the current price stability reflecting uncertainty over which factor will dominate in the near term.