Donald Trump’s Iran war has driven US oil stocks to their lowest level in two decades as his administration drains stockpiles to contain surging prices and exporters capitalise on the drop in Middle Eastern supply.
US government data published on Wednesday showed total stocks of crude and petroleum products such as petrol fell by 10.6mn barrels last week to 1.57bn barrels — the lowest level since 2004.
The sharp fall triggered new warnings from industry analysts that oil prices are poised to move sharply higher again within weeks. The US oil price rose 2.6 per cent in afternoon trading on Wednesday to $96.17 a barrel.
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