Oil closes higher supported by US inventory data

Oil drilling rigs

Oil rose today, June 25, supported by US inventory data that showed strong demand for crude oil in the world's largest economy. Prices came under pressure earlier this week after risks to shipping traffic in the Strait of Hormuz diminished.

Brent crude futures for August delivery rose 0.80%, or 54 cents, to settle at $67.68 a barrel. WTI crude futures for August delivery rose 0.90%, or 55 cents, to settle at $64.92 a barrel.

Both crude grades closed the previous session at their lowest levels since early June following US President Donald Trump's announcement of a ceasefire between Iran and Israel, after a mutual military escalation that heightened the risk of shipping traffic disruption in the Strait of Hormuz.

Oil prices received support from official data released today, showing that US crude inventories fell by 5.8 million barrels last week, continuing their decline for the fifth consecutive week.