**Crude Oil Prices Surge Amid Middle East Tensions**
Crude oil prices rose sharply today, with August WTI crude gaining 1.78% to $69.78 per barrel and RBOB gasoline up 2.59%. The increase is driven by escalating tensions in the Strait of Hormuz following recent military actions involving the U.S. and Iran. Although both nations agreed to halt hostilities temporarily, concerns over the ceasefire’s viability have kept prices high, particularly after the U.S. targeted Iranian military installations over attacks on maritime vessels.
As of recent reports, crude exports from the Persian Gulf have reached about 75% of pre-war levels, while U.S. crude inventories were recorded at 6.5% below the seasonal five-year average. Additionally, the International Energy Agency anticipates a decline in global oil consumption by 1.1 million barrels per day this year, surpassing previous estimates. The Baker Hughes report indicated an increase in active U.S. oil rigs, now at a one-year high of 440, although still below December 2022 levels.
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