**September WTI crude oil closed down $2.88 (-3.12%) on Friday, while September RBOB gasoline decreased by $0.0726 (-2.18%).** The decline follows a previous rally of over 6%, impacted by ongoing tensions in the Red Sea, where Iranian-backed Houthis have threatened oil shipments, prompting some tankers to turn off their location transponders. Brent crude oil prices fell to approximately $97 per barrel after reaching a two-month high of $102.
In June, Russian crude production dropped to 8.928 million barrels per day (bpd), the lowest in 2.5 years, as drone attacks from Ukraine disrupted infrastructure. The International Maritime Organization deemed the Strait of Hormuz too dangerous for passage, further tightening global supplies. As of July 17, U.S. crude oil inventories unexpectedly rose by 2.01 million barrels, contrasting with expectations of a decline, while the number of active U.S. oil rigs decreased by 2 to 450.
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