September WTI crude oil (CLU26) on Wednesday closed up +0.07 (+0.08%), and September RBOB gasoline (RBU26) closed up +0.0171 (+0.55%). Crude oil and gasoline prices closed higher on Wednesday as the International Energy Agency (IEA) said in its monthly report that the global oil supply deficit will worsen, even as oil demand is taking a hit from the war and high prices. The IEA said global oil inventories will fall in Q3 at twice the previously estimated rate because of ongoing disruptions from the US-Iran war.
Why Oklo's First-Ever Revenue Is Not Enough to Stop OKLO Stock's Decline Crude Prices Ease on US Crude Oil Inventory Surge Plug Power Beat Estimates and Lifted Its 2026 Outlook. Here's What Comes Next for PLUG Stock. Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most.
Oil prices were undercut early in the session on the bearish weekly EIA report where US oil inventories rose sharply. Oil prices were underpinned on Wednesday as there appeared to be little progress toward a US-Iran agreement to open the Strait of Hormuz. Iran's state-owned Islamic Republic of Iran Broadcasting (IRIB) said Tuesday afternoon that the Strait of Hormuz would remain shut until all its conditions are met.
Nevertheless, Pakistan on Tuesday suggested the US and Iran were close to an arrangement that could reopen the Strait of Hormuz. Meanwhile, Al Jazeera said that talks between Oman and Iran to reopen the Strait of Hormuz have reached an advanced stage. President Trump late Tuesday told reporters that the US has "total control over the Hormuz Strait" and that "we own it." He added, "At some point, maybe they'll do something, and then they get blown away." Traffic through the Strait of Hormuz remains slow, tightening global crude supplies and boosting oil prices.
Energy Aspects said on Monday that only an average of five vessels are transiting through the strait, down from 14 ships a day seen after the US and Iran reached a memorandum of understanding in June. Crude prices have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Ukraine has attacked Russian refineries, oil tankers, and major pipeline infrastructure at least 30 times in July, the second-highest monthly number of attacks since the war began in 2022.
According to EA Analytics, Russian crude-processing rates will average 3.51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.
Extract — continue reading at the source.
