Oil slipped in early trade after the Energy Information Administration released data showing commercial crude inventories rose by 1.9 million barrels in the week to April 17, into a broader market selloff that also saw benchmark indices decline.

WTI front‑month futures fell 0.2 % to $92.78 a barrel, while Brent slid to $101.70. The dip follows a broader market wobble as traders weigh the impact of tighter supply expectations against a backdrop of higher inventory levels that could ease pressure on prices and 70‑day moving averages that have recently broken support in the near term.

Meanwhile, Turkey, Pakistan and Egypt reportedly rushed to revive a stalled U.S.–Iran dialogue, arranging a potential meeting for Friday. Any breakthrough could shift geopolitical risk premiums, a factor that has historically moved oil prices sharply, particularly as sanctions remain in place and oil flow routes are a strategic concern for global markets across the industry.

For investors, the inventory data and diplomatic developments signal a short‑term volatility window. If U.S. stocks continue to climb, the immediate bearish bias may persist, whereas a successful U.S.–Iran rapprochement could lift risk sentiment and support higher prices before the next quarterly report that could confirm a sustained reversal later.