WTI crude futures settled at $99.60 per barrel on Wednesday, with prices easing at the start of the new month amid growing optimism over a potential resolution to the conflict with Iran. President Donald Trump indicated that US military forces could withdraw from the region within two to three weeks and confirmed that Iran’s president has requested a ceasefire.
However, the White House maintained a firm position, stressing that any ceasefire would only be considered once the Strait of Hormuz is fully open and secure for international shipping.
On the supply side, US commercial crude inventories jumped by 5.5 million barrels to 461.6 million in the week ended March 27, far exceeding analyst expectations and marking a sixth consecutive weekly increase. The domestic build was driven by a decline in refinery utilization to 92.1% and a 219,000-barrel-per-day reduction in crude runs.
The Strait of Hormuz remains a central focus for energy markets, particularly after oil funds registered record trading volumes in March.
