energy27 days ago
Oil Falls on U.S. Inventory Surge Despite Saudi Pipeline Repair Delays
Brent and WTI crude prices declined Wednesday after the American Petroleum Institute reported a 7.1 million barrel increase in U.S. crude inventories, defying expectations of a draw. This drop occurred despite ongoing supply concerns from an Iran-backed attack on Saudi Arabia’s East-West pipeline, which remains closed. While U.S. Energy Secretary Chris Wright suggested the pipeline outage would last only days, industry experts warned repairs could take months. The Congressional Budget Office estimated the U.S. war with Iran has cost the Pentagon $38.1 billion through August 1, with potential additional costs of $2 to $3 billion per month of continued fighting.
