WTI Crude Oil futures jumped after the announcement of possible new sanctions on Iran, even as prices had initially declined due to a new US tariff on Indian goods. This followed a report from the American Petroleum Institute (API) which noted a commercial crude inventory draw of 974,000 barrels. The EIA reported a larger-than-expected crude draw of 2.4 million barrels, which caused WTI futures to rally. In addition, stockpiles at Cushing fell for the first time in eight weeks. Looking ahead, the International Energy Agency has projected a record surplus next year. Natural Gas futures also rallied more than 3% as the Energy Information Administration (EIA) projects record natural gas consumption in 2025.