Oil prices retreated on Wednesday after a report showed U.S. crude inventories rose last week. Brent fell 1.02% to $107.64 a barrel and WTI dropped 1.29% to $104.46. U.S. crude oil stockpiles increased by 7.1 million barrels, while analysts had expected a draw of about 1.6 million barrels. Traders are closely monitoring Middle East developments after Iran’s attack on Saudi Arabia’s crucial East-West pipeline, which led to its closure. The U.S. war with Iran has cost the Pentagon an estimated $38.1 billion through August 1 and could lead to another $2 billion to $3 billion per additional month of fighting.
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