**Crude oil and gasoline prices fell sharply on Tuesday, marking the third consecutive day of declines. September WTI crude oil closed down $3.35 (-4.06%) at a one-week low, while September RBOB gasoline dropped $0.0253 (-0.80%). The declines are attributed to easing tensions in the Middle East and optimism surrounding negotiations to reopen the Strait of Hormuz.**
**U.S. crude oil production decreased by 0.5% to 13.798 million barrels per day as of July 17, just below its record high. Global crude supplies are tightening, particularly due to reduced flows through the Strait of Hormuz, with the International Maritime Organization warning that transits through the strait have sharply declined due to Iranian actions. Meanwhile, OPEC’s crude production increased by 2.34 million barrels per day in June, as the organization plans to maintain its production increases amid geopolitical tensions.**
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