US oil reserves fell last week amid the war in the Middle East, likely due to higher-than-expected export volumes. Reserves dropped by 913,000 barrels in the week ending April 10, reaching 463.8 million. This contrasts with analyst expectations of a 900,000-barrel increase. Prices are at their highest since 2022 due to the Gulf conflict, which is reducing market supply. Reserves are currently about 1% below the five-year seasonal average, according to the Energy Information Administration (EIA). The data boosted demand for oil futures, with West Texas Intermediate (WTI) rising 1.12% to $92.30 per barrel and Brent crude rising 1.05% to $95.79 per barrel. Brent crude prices have since fallen slightly but remain around $100 per barrel.