**WTI Crude Oil Prices Rise on Geopolitical Tensions**
On Tuesday, August WTI crude oil rose by $1.89 (2.76%), while August RBOB gasoline fell by $0.0494 (1.64%). The price surge for crude oil was driven by recent attacks on shipping in the Strait of Hormuz, including a projectile hitting a Qatari LNG gas carrier and damage to a Saudi oil tanker, as reported by Axios.
Additionally, the U.S. Treasury Department revoked the Iran oil waiver, leading to further gains in crude prices. Global crude exports are also affected by increased Saudi and UAE shipments, with Saudi crude exports at 6.3 million barrels per day (bpd), returning to 90% of pre-war levels. Meanwhile, the International Energy Agency forecasts a decline in world oil consumption of 1.1 million bpd for the year.
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