On June 3, 2026, the latest US API crude oil inventory data was released, showing that US crude oil inventories dropped by 6.757 million barrels in the week ending May 29. The decline was far exceeding the market’s expected reduction of 3.605 million barrels and the previous reading of 2.819 million barrels, sending a strong signal of tightening global crude oil supply. Driven by the sharp inventory depletion and persistent geopolitical support, international crude oil prices maintained a strong upward trend. Brent crude oil rose 1.10% intraday, firmly breaking through the $96 per barrel mark and refreshing the recent high price range. The continuous decline in US commercial crude oil inventories reflects robust crude oil demand in the US market and insufficient short-term supply capacity. In addition to fundamental inventory advantages, Middle East geopolitical tensions and continued shipping congestion in the Strait of Hormuz have further aggravated global energy supply concerns. The superimposed effect of fundamental tight supply and geopolitical risk premiums has formed strong support for international oil prices. Global energy institutions have adjusted their oil price expectations, believing that the global crude oil supply gap is difficult to be filled in the short term. OPEC+ production stability and limited incremental production capacity also restrict the supply growth of the global crude oil market. Market analysts pointed out that international oil prices will maintain a high and volatile trend in the near term. Investors will continue to track US EIA official inventory data and geopolitical progress, and any further supply disruption will push oil prices to continue to hit new highs.