WASHINGTON (dpa-AFX) - Oil prices fell on profit taking Wednesday, after climbing close to a five-month high on concerns about potential disruptions to Iran's crude oil exports.
Helping limit losses, the American Petroleum Institute (API) said in a report that U.S. crude oil inventories declined significantly during the week ended June 13.
Benchmark Brent crude futures fell 1.1 percent to $75.62 a barrel in European trade after rallying 4.4 percent to reach their highest level since February in the previous session.
WTI crude futures were down 1 percent at $72.57 after surging 4.3 percent on Tuesday to reach their highest level since January.
Demand concerns resurfaced after the International Energy Agency predicted that annual demand growth will slow from around 700,000 barrels per day (bpd) in 2025 and 2026 'to just a trickle over the next several years, with a small decline expected in 2030.'
Meanwhile, tensions between Iran and Israel persist for the sixth consecutive day, with investors fearing that an escalation of tensions will trigger more direct American involvement and a broader regional conflict.
Media reports suggest that U.S. President Donald Trump is weighing the possibility of U.S. involvement in Israel's ongoing strikes on Iranian nuclear facilities.
Making his stance clear. 'I'm not too much in the mood to negotiate with Iran,' Trump said, adding that his goal is a permanent solution: 'an end, a real end, not a ceasefire.'
Later, on Truth Social, Trump said that Iran's Supreme Leader Ali Khamenei is an easy target but 'for now' he would not act to eliminate him.
Subsequently, he posted, in all capital letters: 'UNCONDITIONAL SURRENDER.'
The Strait of Hormuz, a critical global oil route, has become a focal point of concern, with investors fearing that disruption of oil flows through this narrow strait could hit global economy hard.
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