US commercial crude oil inventories fell by 7.9 million barrels last week, marking the fourth consecutive weekly decline and exceeding analyst expectations of a 3 million barrel drop, according to data from the Energy Information Administration.

The inventory decline was attributed to strong domestic demand and a surge in crude oil exports. Gasoline inventories also decreased during the same period, reflecting robust fuel consumption patterns.

The significant drawdown in US crude stocks comes amid ongoing global oil market dynamics. In related developments, oil refining operations in central Russia have reportedly been disrupted following Ukrainian drone strikes, according to industry sources. The attacks have brought refining activities to a standstill in the affected region.

Meanwhile, the United Arab Emirates continues progress on a major infrastructure project designed to reduce dependence on the Strait of Hormuz shipping route. The new oil pipeline, which will bypass the strategic waterway, is now 50% complete and remains on schedule for its planned 2027 operational start date.

In trade developments, the United Kingdom announced a comprehensive trade agreement with Gulf Cooperation Council states, marking the first such deal between the Gulf bloc and a G7 nation. The agreement is expected to enhance economic ties between the UK and the Gulf region across multiple sectors including energy.