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Commodities

Crude Oil Prices Rise Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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The price of crude oil rose on Friday due to concerns over global supply disruptions. The September WTI crude oil (CLU26) closed up +1.08 (+1.29%), while September RBOB gasoline (RBU26) declined -0.0171 (-0.55%).

Tensions in the Middle East remain high, with Iran continuing to menace shipping through the Strait of Hormuz and a Houthi leader warning that Saudi Arabia is heading towards 'comprehensive escalation', which would lead to a fiercer campaign.

Russian crude production fell to 8.928 million bpd in June, its lowest level in 2.5 years, while Russian crude exports remain above 4 million bpd, adding to global oil supplies and putting downward pressure on prices.

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