**Crude Oil Prices Drop Amid US-Iran Negotiations**
On Wednesday, July WTI crude oil closed at $98.00, down $5.89 (-5.66%), while July RBOB gasoline fell to $3.37, down $0.1911 (-5.35%). The decline follows President Trump’s announcement that the U.S. is in the “final stages” of negotiations with Iran, raising hopes for a resolution that could reopen the Strait of Hormuz, a crucial oil shipping route where approximately one-fifth of the world’s oil and liquefied natural gas is transported.
Additional pressure on prices comes from a mixed weekly EIA inventory report. It indicated a significant draw of 7.86 million barrels in crude inventories, while gasoline stocks fell by 1.5 million barrels against expectations of a steeper decline. U.S. crude oil production also slightly decreased to 13.702 million bpd, close to record highs. Meanwhile, ongoing geopolitical tensions and NATO discussions regarding maritime security continue to shape oil market dynamics.
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