West Texas Intermediate (WTI), the U.S. crude benchmark, fell 3.2% to settle at $102.43 per barrel on September 16 after an unexpected increase in U.S. crude inventories. The American Petroleum Institute said stocks rose by 7.1 million barrels in the week ended September 11, while analysts had expected a drawdown. The reversal came a session after WTI gained more than $3 as a Houthi attack on Saudi Arabia’s East-West pipeline revived concerns over Middle Eastern supply routes. Brent crude traded between $107 and $108, while WTI front-month futures moved toward the lower end of their $102-to-$105 range. WTI prices in 2026 have averaged about 60% above corresponding levels from the previous year, amid persistent concern around the Strait of Hormuz, through which roughly a fifth of the world’s oil passes daily. WTI averaged about $78 per barrel in 2024. Traders now await the Energy Information Administration’s government inventory report, typically released a day after the API data. Confirmation of the build could pressure WTI toward $100, while a smaller increase could prompt traders to view the selloff as excessive and push prices higher.