U.S. crude stocks plunge amid Middle East tensions, oil prices dip
U.S. commercial crude inventories dropped by 7.2 million barrels in the week to 24 July, the largest weekly draw in six weeks and the lowest level since 2018. A draw from the Strategic Petroleum Reserve of about 3.8 million barrels brought the total U.S. crude reduction to roughly 11 million barrels. Refineries were running at about 97 % of capacity, with some plants in the Midwest operating at full output.
Oil prices responded to the inventory shock and to diplomatic developments. Brent crude fell 1.89 % to $89.03 per barrel and West Texas Intermediate slipped 1.03 % to $83.59, as Pakistan announced that talks between the United States and Iran were “ongoing” to de‑escalate tensions in the Strait of Hormuz.
At the same time, Venezuelan crude exports to the United States stabilized around 600 000 bpd for a third consecutive week, reaching 673 000 bpd in the latest report—a 2 % decline from the prior period but the fourth‑highest weekly total of the year.
Entities: Brent crude · Pakistan · Strategic Petroleum Reserve · U.S. Energy Information Administration · United States · Venezuela
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Brent crude fell 1.89 % to $89.03 per barrel and WTI fell 1.03 % to $83.59 per barrel. (Market price reports in the articles)
- [● 2 SOURCES] Pakistan said talks between the United States and Iran are ongoing to de‑escalate tensions in the Strait of Hormuz. (Pakistani foreign office statements quoted in the articles)
- [● 2 SOURCES] Venezuelan crude exports to the United States reached 673,000 barrels per day in the week ending 24 July, a 2 % decline from the previous period but the fourth‑highest weekly total of the year. (Export figures from the Energy Information Administration reported in the articles)
- [● 2 SOURCES] Venezuelan crude exports to the United States averaged around 600,000 barrels per day for a third consecutive week. (U.S. Energy Information Administration export data cited in articles)
- [● 4 SOURCES] U.S. commercial crude inventories fell by 7.2 million barrels in the week ending 24 July, the largest weekly draw in six weeks. (U.S. Energy Information Administration data cited in multiple reports)
- [● 2 SOURCES] U.S. refineries were operating at about 97 % of capacity, with some Midwest plants at 100 %. (Government data cited in articles)
- [● 2 SOURCES] The Strategic Petroleum Reserve contributed a draw of about 3.8 million barrels, bringing the total U.S. crude reduction to roughly 11 million barrels. (EIA data combined with SPR figures in reports)