On Thursday, July WTI crude oil (CLN26) dropped by $2.32 to settle at a 2.58% loss, while July RBOB gasoline (RBN26) fell $0.0085, down 0.27%. This decline follows President Trump’s cancellation of planned military strikes on Iran, which initially drove prices higher due to ongoing tensions in the Middle East.
Crude oil prices experienced significant volatility, reacting to Trump’s statements regarding military actions and a potential peace deal with Iran. The U.S. military reported facilitating the passage of over 200 commercial ships through the Strait of Hormuz, with more than 100 million barrels of oil reaching market amid rising oil flows. Meanwhile, the Department of Energy revised its U.S. crude production estimate for 2026 upwards to 13.72 million barrels per day.
Weak demand from China, the world’s largest crude importer, has contributed to bearish trends, with May imports falling to about 7.8 million barrels per day, the lowest in over eight years. OPEC’s production also hit a 40-year low, further influencing the market as tensions persist over geopolitical issues.
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