The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week.

Oil prices rose 4% on fears the Iran-Israel conflict could disrupt supplies. US President Donald Trump demanded Iran's "unconditional surrender" and warned of a possible strike against the country's leader, Ayatollah Ali Khamenei. It was reported by Bloomberg .

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The American Petroleum Institute (API) on Tuesday reported a decrease of 10.133 million barrels of crude oil in U.S. inventories for the week ending June 13.

Crude oil and refined product futures prices were seeing gains Tuesday morning, pushed higher by escalations in the conflict between Israel and Iran.

Despite being Africa’s largest crude oil producer, Nigeria imported crude oil worth N1.19tn in the first quarter of 2025 due to poor domestic supply to local refineries, The PUNCH reports.The National Bureau of Statistics disclosed this in its latest Foreign Trade in Goods Statistics report for Q1 2025,

Brent crude oil prices surge, impacting oil marketing companies, aviation, and paint stocks in India. Sensex and Nifty also see losses.