Oil prices steady despite challenges, strong demand drives market

Oil prices remained stable as U.S. gasoline demand rose and Red Sea shipping attacks continued. Brent crude settled at $70.19, WTI at $68.38. U.S. crude stocks increased by 7.1 million barrels, contrary to expectations. Gasoline demand surged 6% to 9.2 million barrels per day, indicating strong demand.

Yemen’s Houthi militia claimed responsibility for recent Red Sea ship attacks. Rescuers saved six crew members, while 15 remained missing. EIA forecasted lower U.S. oil production in 2025 due to declining prices. President Trump announced a 50% copper tariff to boost U.S. production and delayed tariff deadlines.

OPEC+ is expected to increase output in September, with a 548,000 bpd boost approved for August. Oil prices remain steady despite supply additions. UAE Energy Minister stated that markets are absorbing increased production without surplus inventory, showing high demand for oil.

Read more at Yahoo Finance: Oil steady on strong gasoline demand, Red Sea attacks while Trump tariffs loom