With no notable fluctuations, oil traded Wednesday morning, despite reports that the US will extend its blockade of Iranian ports.
U.S. President Donald Trump has ordered his aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late Tuesday, citing U.S. officials.
Brent futures were unchanged at 07:30 GMT at $111.25 a barrel while U.S. crude was down 0.6 percent at $99.36 a barrel.
WTI rose 3.7% in the previous session, rising for seven of the past eight days.
“The recent rise in oil prices is due to the Straits blockade.If Trump is ready to extend the blockade, supply turbulence will further worsen and continue to push oil prices higher,” said an analyst at Haitong Futures.
The closure of Hormuz continues to boost the pull on global inventories, with market sources reporting late on Tuesday that tthe American Petroleum Institute reported that US crude inventories fell for a second week.
Crude inventories fell by 1.79 million barrels in the week ended April 24, the sources said. Gasoline inventories fell by 8.47 million barrels, while distillate stocks fell by 2.60 million barrels.
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