The unexpected build reinforced expectations of softer near-term demand in the US oil market. What’s NextInvestors are awaiting official US crude inventory data from the Energy Information Administration (EIA) later on Wednesday for confirmation of market supply trends. later on Wednesday for confirmation of market supply trends. Traders will also watch developments surrounding the reopening of the Strait of Hormuz, which could significantly influence global oil prices and energy market sentiment. Bottom Line: The sharp decline in oil prices reflects a market that is increasingly pricing in diplomacy rather than conflict in the Middle East.