During the week ending July 10, WTI crude oil prices rose to $71.84, marking an increase of $3.38 or 4.94%. Prices fluctuated from a low of $67.82 to a high of $76.08. This increase was driven by growing concerns over the security of global oil supplies.
Renewed geopolitical tensions in the Middle East involving Iran prompted traders to add a risk premium to crude prices, outweighing the effects of an OPEC+ production increase and an unexpected rise in U.S. crude inventories.
The OPEC+ decision to raise August production targets, which typically would put downward pressure on prices, did not have the same effect this time as traders focused on supply security from the Middle East.
