WTI crude climbs 0.7% to $72.60 amid lingering geopolitical risks and constrained global oil supply.
Oil prices edged higher as US-Iran tensions kept the Strait of Hormuz—a critical chokepoint for global oil flows—effectively closed. WTI crude rose 0.7% to $72.60, reflecting market unease despite a 4.1 million bpd increase in June supply, which remains 9.4 million bpd below pre-war levels.
European markets showed little movement, with indices mixed and S&P 500 futures down 0.1%. US 10-year yields ticked up 0.6 bps to 4.547%, while the JPY outperformed and the USD and CHF lagged. Gold slipped 0.3% to $4,107, and Bitcoin gained 1.7% to $64,368.
The Bank of Japan is expected to hold rates steady at its July meeting, while German inflation held at 2.3% in June. French inflation eased, reducing pressure on the ECB ahead of the US earnings season.