**Oil Prices Decline Amid US-Iran Peace Talks**
On Friday, July WTI crude oil closed down 3.23%, falling $2.82 to $84.58 per barrel. This decline follows a 2.58% drop on Thursday, driven by reports of a potential interim peace agreement between the US and Iran, which could lead to the reopening of the Strait of Hormuz and the resumption of Iranian oil exports. Negotiations on sanctions and other issues are expected to follow, although Iran has not yet confirmed the deal.
In the US, the Department of Energy raised its 2026 crude production estimate to 13.72 million barrels per day (bpd), up from 13.65 million bpd. Active US oil rigs rose by two to 433, reaching an 11-month high, although this remains significantly below the December 2022 high of 627 rigs. Current US crude oil inventories are reported to be 5.3% below the seasonal five-year average.
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