Oil prices surge as EIA data reveals significant drop in crude inventories

May 13, 2026, 2:36:03 PM UTC(6 hours ago)
Impact: Medium
Oil prices surge as EIA data reveals significant drop in crude inventories

Affected Assets

  • Brent crude futures climbed 2.9 percent to reach 104.21 dollars per barrel following reports of tightening global supply
  • The International Energy Agency warned that world oil supply is projected to fall 1.78 million barrels per day below demand in 2026
  • Geopolitical tensions involving Iran have disrupted major shipping routes including the Strait of Hormuz contributing to price volatility
  • The US Department of Energy adjusted its 2026 Brent price forecast to 94.85 dollars per barrel citing persistent supply disruptions
  • Global refinery throughput is expected to decline by 4.5 million barrels per day in the second quarter of 2026 due to infrastructure damage

Sources

@DeItaoneIEACNBC TV18News.azTS2
From:@DeItaone
BRENT, US CRUDE FUTURES EXTEND GAINS AS EIA DATA SHOWS BIGGER-THAN-EXPECTED DROP IN CRUDE STOCKS
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