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CommoditiesMediumUpdated•Originally published 15 October 2026•Updated 15 October 2026•
1 min read

US Crude Inventories Plunge by 8.5 Million Barrels, Driving Oil Prices to Multi-Week Highs

Key Facts

1US weekly EIA crude oil inventories fell by 8.557 million barrels, significantly exceeding the expected draw of 288k barrels.
2WTI crude oil prices rose to $97.41 per barrel, marking the highest levels since late September.
3President Trump stated that the Iran war will end very soon and oil prices will drop significantly, despite no signs of imminent diplomacy.

US weekly crude oil inventories fell by 8.557 million barrels, significantly exceeding the expected draw of 288,000 barrels. Reuters reported the data citing the Energy Information Administration's weekly status report. According to investinglive.com, this substantial drawdown in commercial stocks, which excludes the Strategic Petroleum Reserve, has strengthened the bullish narrative regarding tighter supply dynamics.

WTI crude oil prices rose to $97.41 per barrel on October 15, 2026, marking the highest levels seen since late September. Meanwhile, President Donald Trump stated that the Iran war will end very soon and oil prices will drop significantly, though reports indicate there are currently no signs of imminent diplomacy to support such a shift.

Latest Updates · 1

  1. Notable·

    Update: The EIA reported that total US commercial crude oil inventories stood at 415.6 million barrels on October 15, 2026. Despite the significant weekly drawdown, these levels remain 3% above the five-year average for this time of year.