US Crude Prices Fall Below $100 as Markets Weigh Supply Risks Against Diplomacy

Key Facts

US crude oil futures extended their decline below the $100 per barrel threshold as diplomatic optimism offset mixed inventory data. According to the EIA, US crude inventories decreased by 900,000 barrels to 463.8 million barrels for the week ending April 10, contrasting with the API's reported build of 6.10 million barrels. Despite this surprise draw, commercial stockpiles remain 1% above the five-year average for this season. Investors are currently weighing these supply dynamics against reports that Washington and Tehran may extend their ceasefire by two weeks. Analysts suggest that the potential for de-escalation continues to strip the geopolitical risk premium from prices. Consequently, WTI remains under pressure as the market prioritizes the diplomatic window over short-term inventory fluctuations. Global energy markets continue to monitor whether this additional time will lead to a lasting breakthrough in the Strait of Hormuz.