WTI crude oil futures experienced a significant uptick following President Trump’s announcement that a naval armada was en route to the Middle East. The deployment, announced on June 5, was framed as a measure to counter Iran’s influence in the Persian Gulf. Analysts at energy intelligence firm Argus noted that this represents the largest US naval concentration in the region since 2019, driving speculative buying in WTI contracts. Open interest in WTI options rose by 12% on the New York Mercantile Exchange, while trading volumes climbed to their highest daily level in four weeks, reflecting heightened investor appetite for oil exposure against potential supply disruptions.

WTI prices retreated after the US Energy Information Administration reported a weekly build of 3.6 million barrels in crude inventories, exceeding the 2.1 million barrel increase forecast by industry surveys. The unexpected stockpile surge underscored lingering surplus concerns despite tightening output from OPEC+ producers. Refinery utilization rates ticked up to 89.5%, yet the inventory draw in distillate fuels proved insufficient to offset the crude glut. Following the report, speculative short positions in WTI rose by 8%, as tracked by the Commodity Futures Trading Commission, signaling a shift in market sentiment toward near-term oversupply risks.