US Rigs Rise to 551 for Fourth Week as Brent Hits $109.50 Amid Price Spikes

US oil rigs climbed to 415 with total rigs at 551 for a fourth straight week as Brent surged to $109.50. April US import and export prices jumped 1.9% and 3.3% respectively, with fuel costs spiking 16.3% due to the Iran war's effective Hormuz blockade. OPEC output plunged over 30% to a 26-year low of 20.04 million bpd in April, triggering record global inventory draws of 250 million barrels over March-April and cumulative Gulf supply losses exceeding 1 billion barrels. US crude stocks fell for a seventh week to 452.9 million barrels while India's inventories dropped 15% to 91 million barrels amid record US exports and tightening balances.