Brent crude has risen about $10 a barrel since early June as US stockpiles dwindle
Oil prices have climbed to a two-month high, as refineries gear up for the summer driving season and traders fret over renewed tensions in the Middle East. International benchmark Brent crude edged up to as high as $86.92 on Wednesday, having gained about $10 a barrel since the beginning of June. The US equivalent, West Texas Intermediate, advanced to $83.53 before slipping back.
The American Automobile Association expects that the July 4 holiday week will see more than 7mn people travel, the highest number since before the Covid pandemic. Supplies of oil have also tightened. “Already in June, Opec+ exports are sharply lower, led by the Gulf countries and Iraq, in part due to summer crude burn amid the ongoing heatwave in the Middle East,” Energy Aspects said in a research note, referring to higher demand for power due to greater air conditioning usage.
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