**August WTI crude oil (CLQ26)** closed down **$0.67** (-0.93%) on Friday, while **August RBOB gasoline (RBQ26)** dropped **$0.0541** (-1.78%). Prices fluctuated throughout the day, initially rising after Iran threatened to retaliate against U.S. attacks, before declining following President Trump’s announcement of ongoing peace talks with Iran.
The **International Energy Agency** reported that the **United Arab Emirates** raised crude production to a record **4.1 million barrels per day (bpd)** in June, contributing to global supply pressures. The U.S. Office of Energy recently noted a **6.6%** drop in crude inventories compared to the five-year average, with production rising to **13.860 million bpd**, nearly matching the all-time high of **13.862 million bpd** from November 2022. Additionally, active U.S. oil rigs remained stable at **445 rigs**, marking the highest level in over a year but falling well below December 2022’s peak of **627 rigs**.
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