Oil and gas prices plunged, stock markets soared and the dollar retreated Wednesday after the United States and Iran agreed to a temporary ceasefire that includes the reopening of the Strait of Hormuz.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.719 million barrels in the week ending April 3. In the week prior, US crude oil inventories rose by 10.263 million barrels. Analysts had expected a 1.598 million barrel draw.
Curious Minds Corner
What ancient civilization first used bamboo pipelines to transport natural gas in 500 BC?
China, where locals piped natural gas over 100 miles from Sichuan wells to fuel salt production—predating modern pipelines by millennia.