US crude stocks rise after API surprise

API data show US crude inventories increased by 2.603 million barrels for the week ending July 17, surprising against expectations of a 1.5 million-barrel draw, while SPR fell to about 316.5 million barrels—the lowest in over 43 years—and gasoline stocks dropped while distillates rose; production rose to about 13.86 million bpd amid renewed US-Iran tensions and Hormuz disruptions. Analysts note the sizable build complicates the supply picture and traders will watch the EIA's official numbers before adjusting positions.