Oil Prices Drop Amid Rising U.S. Crude Stocks, but Supply Risks Limit Losses

Oil prices dipped on Wednesday as U.S. data revealed an increase in crude inventories. However, the drop was cushioned by concerns over potential supply disruptions from Iran due to escalating tensions in the Middle East and the impact of Hurricane Milton in the U.S.

Brent crude futures closed at $76.58 per barrel, down 60 cents (0.8%), while U.S. West Texas Intermediate (WTI) futures settled at $73.24 per barrel, a decline of 33 cents (0.5%).