**Crude Oil Prices Surge Amid US-Iran Tensions**
On Wednesday, July WTI crude oil rose $2.26 or 2.41%, closing at a 1.5-week high. This surge in price was sparked by escalating clashes between US forces and Iran, which have created uncertainty around the reopening of the Strait of Hormuz, a crucial oil shipping route. In contrast, July RBOB gasoline fell by $0.0127, or 0.40%.
The US military reported intercepting Iranian ballistic missiles and drones aimed at Gulf states, following an attack on an empty oil tanker returning to Iran. Crude inventories fell by 7.97 million barrels, significantly more than the expected 3.05 million, while gasoline stockpiles unexpectedly rose by 3.36 million. According to the International Energy Agency (IEA), global oil inventories dropped by approximately 4 million barrels per day in March and April, indicating a continued supply crunch.
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