Oil increases over two dollars amid falling US stocks
Oil prices rose by more than two dollars per barrel at the start of trading, supported by a decline in U.S. oil inventories, which fell by approximately 3.3 million barrels during the week ending July 24, according to the American Petroleum Institute. Hints from OPEC+ that they may not increase oil production after September until the end of 2026 also helped support prices. This comes amid volatility caused by tensions between Washington and Tehran and the closure of the Strait of Hormuz, amid hopes for a resumption of negotiations between the United States and Iran. Brent crude fell to $86.80, while West Texas Intermediate (WTI) settled at $81.95, as traders awaited official inventory data from the Energy Information Administration.
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