The Energy Information Administration data arrived as a significant jolt to traders who had braced for rising stockpiles. This sudden tightening of supply has intensified pressure on policymakers struggling to manage volatile energy markets. In response to persistent inflation, the U.S. government is now weighing a potential easing of sanctions on so-called shadow fleets tasked with transporting oil. The move aims to boost global supply and temper the rapid rise in costs that has gripped the industry.
In section Market Quotes
Energy Stocks Rally as U.S. Crude Inventories Plummet
A sharp 8.6 million barrel withdrawal from U.S. commercial crude inventories last week caught markets off guard, shattering analyst expectations of a supply buildup. The unexpected deficit sent oil futures climbing 3% to $97.97 a barrel in New York, fueling a broad rally across the energy sector.
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