Much stronger U.S. imports have "helped encourage a build in oil inventories,” said Matt Smith, U.S. head analyst at Kpler. The Energy Information Administration reported Wednesday that domestic crude inventories rose 3.

Oil prices rose more than 1 per cent on Wednesday after Iranian President Masoud Pezeshkian approved a law suspending co-operation with the UN's nuclear watchdog. The International Atomic Energy Agency (IAEA) said it is "aware of these reports and is awaiting further official information from Iran",