Global crude benchmarks fell more than 2% on Thursday, snapping a multi-session rally as a massive surge in US crude inventories and downgraded global demand forecasts overshadowed ongoing Middle Eastern supply disruptions.
Global crude benchmarks edged higher on Wednesday to maintain one-week highs, as persistent maritime strikes and diplomatic deadlocks in Middle Eastern negotiations were largely counterbalanced by slashed global demand forecasts.
Global crude benchmarks advanced on Tuesday to reach their highest settlement levels in a week, as hardline rhetoric from Tehran dashed expectations for a swift diplomatic resolution to restore traffic through the Strait of Hormuz.