Oil Extends Drop to Erase Most of Wartime Gains as Supply Swells

Oil storage tanks at the Cushing crude oil storage terminal in Cushing, Oklahoma, US, on Thursday, June 18, 2026. Inventories at the US's largest commercial crude oil storage hub in Cushing, Oklahoma, have fallen to the lowest since 2014, to about 20 million barrels, as surging exports during the Iran war drain supplies in America. Photographer: Nick Oxford/Bloomberg