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Yemeni Armed Forces: The blockade on the Port of Haifa comes following the successful imposition of the siege on the Port of Umm al-Rashrash, which has since ceased operations
Yemeni Armed Forces: The Port of Haifa is now officially part of our target bank
Yemeni Armed Forces calls on companies with ships currently in the Port of Haifa or en route to it to take into account the contents of the statement and any forthcoming announcements
Yemeni Armed Forces: The imposition of a blockade on the Port of Haifa comes in response to the enemy’s escalation of its brutal aggression against Gaza and the continued siege and starvation
Yemeni Armed Forces: Our decisions and operations against the occupying entity will not cease until the aggression on Gaza ends and the blockade on it is lifted
Yemeni Armed Forces: We have decided to begin enforcing a naval blockade on the Port of Haifa, which is now among our list of designated targets
The Israeli occupation has released the child Mohammad, the son of martyr Ahmad Sarhan, whom it abducted earlier today from Khan Younis in the southern Gaza Strip, but his mother remains in detention
UK, France, and Canada in a joint statement: The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching International Humanitarian Law
Leaders of UK, France, and Canada warn that their countries would take action if "Israel" does not stop a renewed military offensive in Gaza and lift aid restrictions
Putin says Trump in conversation expressed his position on cessation of hostilities in Ukraine

Oil prices plunge over 3% as US reserves rise by 3.6mln barrels

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Mar 2025 22:46
2 Min Read

The latest US inventory report revised crude reserves upward by 3.6 million barrels, bringing total stockpiles to 433.8 million barrels.

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    The Billings Refinery operated by Phillips 66 that processes crude oil from western Canada is seen along the Yellowstone River Wednesday, Feb. 26, 2026, in Billings, Mont, US. (AP)

Crude oil prices fell significantly on Wednesday, with Brent slipping below $69 per barrel for the first time since September 10, according to market data. The decline reflects concerns over rising crude inventories in the United States and expectations of increased production from OPEC+ nations.

By 15:51 GMT, May contracts for Brent crude had dropped 3.11% to $68.83 per barrel, marking a nearly six-month low. Meanwhile, April WTI futures saw a sharper decline of 3.72%, settling at $65.72 per barrel.

The latest US inventory report revised crude reserves upward by 3.6 million barrels, bringing total stockpiles to 433.8 million barrels. This unexpected increase has reinforced fears of an oversupplied market, pushing prices lower.

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While US oil production recorded only a slight increase of 6,000 barrels per day, reaching 13.508 million barrels, the combination of rising stockpiles and steady output has added to concerns over excess supply.

Despite a decline in gasoline and distillate stockpiles—by 1.4 million barrels and 1.3 million barrels, respectively—these reductions were smaller than analysts had anticipated. The lower-than-expected drawdown has further dampened market sentiment, raising doubts about demand recovery.

Beyond US supply trends, broader market forces are shaping the downturn. OPEC+ is expected to increase production in April, a move that could add even more crude to an already saturated market.

Uncertainty surrounding global trade and economic slowdowns, particularly in major economies like China and the United States, is also weighing on demand expectations.

Read more: Majority of Canadians support weaponizing oil amid US trade war: Poll

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