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Commodities

Oil Prices Rise Amid Global Supply Disruptions

Guavy AI Editorial Team
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Oil
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Crude oil prices rose on Friday despite no fresh attacks by the US and Iran against each other. Tensions remain high in the Middle East, leading to disruption of global supplies.

The Strait of Hormuz remains a major concern as Iran continues to menace shipping transiting the area. Diplomatic attempts to reopen the strait appear to be at an impasse.

Russia's crude production fell to 8.928 million bpd in June, the lowest in 2.5 years. Ukraine's drone attacks on Russian oil infrastructure have also boosted crude prices as refining capacity has plunged following damage to facilities.

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