Trump Wars, Strait of Hormuz and other Oil Market Undercurrents

At the close of Wednesday’s trading session, WTI rose $2.49 to settle at $86.83 a barrel. The EIA reports that crude oil inventories increased by 2 million barrels from the previous week. At 411.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.