On Tuesday, August WTI crude oil closed at $68.38, up 0.40 (+0.59%), and August RBOB gasoline finished at $2.19, adding 0.0328 (+1.52%). Crude oil and gasoline prices hit two-week highs amid heightened tensions in the Middle East, particularly following attacks by Houthi rebels on ships in the Red Sea. These developments have raised concerns over potential US military strikes.
Saudi Arabia’s Aramco has raised the price for its Arab Light crude by $1 per barrel for Asian buyers, indicating stronger demand. Conversely, OPEC+ announced an increase in crude production by 548,000 barrels per day starting August 1, exceeding initial expectations by 137,000 bpd, as part of a plan to ease oil prices and manage overproduction among certain member states.
Currently, there are concerns over rising global oil supplies, as Vortexa reported a 3.6% increase in crude stored on stationary tankers to 79.55 million barrels as of July 4. EIA predictions suggest a 1.6 million barrel decline in US crude inventories for the week while active US oil rigs fell to a 3.75-year low of 425 rigs.
