**Crude Oil and Gasoline Prices Mixed Amid Geopolitical Tensions**
On July 10, August WTI crude oil fell by $0.54 (0.68%) to $79.01, while August RBOB gasoline rose by $0.0206 (0.64%) to $3.2234. Geopolitical tensions escalated as the U.S. launched airstrikes against Iran for the fifth consecutive day following Iranian attacks on shipping in the Strait of Hormuz, which could impact global oil supplies. The International Maritime Organization has warned of elevated danger in the area, resulting in a significant decline in visible transit.
Crude inventories reported by EIA showed a decrease of 1.69 million barrels, falling short of the anticipated draw of 2.1 million barrels. Gasoline inventories also dropped by 1.5 million barrels, underperforming against the expected 2 million barrels decline. Additionally, distillate stocks saw an unexpected rise of 4.56 million barrels. U.S. crude production for the week remained unchanged at 13.861 million barrels per day, just below the record high of 13.862 million barrels per day recorded in November 2022.
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