**Crude Oil and Gasoline Prices Decline Amid Middle Eastern Ceasefire**
On June 5, July WTI crude oil prices fell by $3.42 (-3.75%) to reach a one-week low, while July RBOB gasoline prices decreased by $0.0636 (-2.07%), hitting a 1.75-month low. The drop in crude oil prices follows an agreement between Iran and Israel to cease hostilities, prompting optimism for a potential resolution to the U.S.-Iran conflict and the reopening of the Strait of Hormuz.
China’s crude oil imports in May plummeted to approximately 7.8 million barrels per day (bpd), marking the lowest level in over eight years. This decline, coupled with geopolitical factors and ongoing Ukrainian drone attacks on Russian oil infrastructure, continues to exert downward pressure on crude prices. As of May, OPEC reported a significant reduction in crude production, which declined by 3.36 million bpd to a near 40-year low of 16.33 million bpd. The International Energy Agency indicated the global oil market will remain “severely undersupplied” until at least October.
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