WASHINGTON (dpa-AFX) - Oil extended gains on Wednesday despite signs of swelling U.S. crude stockpiles and concerns around U.S. President Donald Trump's tariff policy.
Benchmark Brent crude futures for September delivery were up 0.7 percent at $70.66 a barrel in European trade after a two-day gain.
WTI crude futures for August delivery rose by 0.8 percent to $68.87.
Renewed Red Sea attacks offered some support as industry data showed a sharp rise in U.S. crude inventories.
At least four crew members were killed and two injured after sea drones and rocket-propelled grenades struck the Eternity C, a Liberian-flagged, Israel-bound cargo ship, reported Times of Israel.
Following the assault, the vessel was left adrift in the Red Sea, listing to one side. Two maritime security companies are currently coordinating rescue operations for the remaining crew members onboard.
On the tariff front, U.S. President Trump expanded his trade war with steep new tariffs targeting copper, semiconductors and pharmaceuticals, triggering a cautious pullback from risk assets.
Meanwhile, the American Petroleum Institute reported a surprise build of 7.1M barrels of oil in U.S. commercial stockpiles for the week ending July 4.
That would be the largest increase since January if confirmed by the Energy Information Administration (EIA).
In the July Short-Term Energy Outlook, the EIA forecast that Brent crude oil prices will average below $70 per barrel in 2025 and around $58 in 2026.
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