Crude oil prices edged lower on Wednesday after U.S. Energy Information Administration data pointed to weaker-than-expected demand. WTI Crude for August delivery slipped $0.09, or 0.11%, to $79.25 per barrel. The EIA reported that U.S. crude inventories fell by 1,693,000 barrels for the week ending July 10, a smaller draw than anticipated, while gasoline stocks decreased by 1,533,000 barrels and distillate inventories rose by 4,556,000 barrels. Traders also weighed mixed signals from President Donald Trump, who withdrew a proposed 20% fee on vessels transiting the Strait of Hormuz and instead sought trade and investment deals to secure tanker safety, even as Iran fired on tankers and the U.S. reinstated a naval blockade on Iranian ports. Supply concerns persisted as the Joint Maritime Information Center maintained a severe threat assessment for the strait, and S&P Global Commodities at Sea reported that traffic through the Strait of Hormuz fell to just 11 ships, with no vessel entering the Persian Gulf on July 12 after Iran declared the strait closed.