NEW YORK / Content Syndication Services / – Oil prices rose in volatile trading as Brent crude futures reached $78.15 a barrel, while West Texas Intermediate crude climbed to $74.19. The move kept global oil benchmarks in focus after sharp swings across energy markets. Traders tracked crude supply, refinery demand, and shipping activity tied to Middle East export routes.
Brent crude remains the main global oil benchmark for many physical cargoes and futures contracts. WTI crude serves as the key U.S. benchmark. Both contracts have moved sharply this month as energy markets assessed supply flows, inventory levels, and fuel demand. The latest rise followed recent declines that had pulled prices back from higher levels.
The Strait of Hormuz remained central to market attention because it carries a large share of seaborne crude and fuel shipments. Shipping flows through the waterway affect supplies from Gulf producers to buyers in Asia, Europe, and other regions. Oil traders also monitored tanker movements, freight conditions, and product availability across major importing markets.
Supply data shape trading
The International Energy Agency said in its June oil market report that global oil demand for 2026 was forecast to decline by 1.1 million barrels per day. It also listed global supply at 102.4 million barrels per day for 2026, down 3.9 million barrels per day. The report pointed to disrupted flows, lower deliveries, and changes in refinery activity.
The U.S. Energy Information Administration reported that U.S. refinery inputs averaged 17.2 million barrels per day in the week ending June 12. Refineries ran at 96.7% of operable capacity during that period. Commercial crude stocks fell by 8.3 million barrels to 418.2 million barrels. Gasoline production averaged 10.1 million barrels per day.
Benchmarks stay in focus
Oil prices also reflected the balance between crude supply and refined product demand. Gasoline stocks fell slightly in the latest U.S. weekly data, while distillate inventories increased. Refinery activity remained high as summer fuel use shaped product flows. These figures gave traders more detail on near-term crude demand inside the world’s largest oil-consuming economy.
Brent at $78.15 kept crude oil prices near a key level for producers, refiners, airlines, shippers, and consumers. Energy costs influence fuel prices, transport costs, and inflation readings across many economies. The latest trading showed that global oil markets remain sensitive to verified supply data, benchmark futures activity, and the movement of crude through major export routes.