**Crude Oil and Gasoline Prices Surge Amid US-Iran Tensions**
On July 10, August WTI crude oil closed at $78.13 per barrel, up $6.73 (+9.42%), reaching a 3.5-week high, while August RBOB gasoline increased by $0.1817 (+6.09%), marking a 5-week high. The surge in prices follows escalating hostilities between the US and Iran, particularly after the US reinstated a blockade on Iranian ships in the Strait of Hormuz and conducted missile strikes targeting Iranian military capabilities.
In related developments, Iran retaliated with missile and drone strikes on targets in Jordan, Bahrain, Kuwait, and Qatar. Meanwhile, Russian crude production fell to 8.928 million barrels per day (bpd) in June, its lowest in 2.5 years, due to damage from ongoing drone attacks, as Ukraine has targeted Russian fuel facilities over 50 times this year. This supply disruption, compounded by the U.S. Department of Energy’s recent production forecast increase to 13.78 million bpd by 2026, suggests a bearish trend for oil prices moving forward.
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