U.S. crude oil inventories rose for a seventh consecutive week, according to data released Wednesday by the U.S. Energy Information Administration, even as gasoline and diesel stockpiles declined.

Despite the inventory build, regional oil markets showed signs of supply tightness. Canadian crude reached its biggest premium to Gulf Coast prices in two years, indicating strong demand for the grade. Similarly, North Sea oil prices soared, demonstrating tight supply conditions in that region despite recent ceasefire developments involving Iran.

The mixed signals in oil markets come as geopolitical tensions continue to influence energy trading. Shipping brokers reported increased demand for insurance coverage for vessels transiting the Strait of Hormuz following recent truce agreements in the region.

Gold prices gained ground as energy price movements and Middle East ceasefire developments eased some inflation concerns among investors. The precious metal typically benefits when geopolitical risks that could drive energy costs higher appear to diminish.

The divergent trends between rising U.S. crude inventories and higher regional oil prices highlight the complex dynamics affecting global energy markets, where local supply constraints can persist even amid broader inventory builds.