July 6, 2026, 2:24 PM EDT. Crude oil prices ticked higher, with August WTI up 0.33%. August RBOB gasoline surged 3.46% to a three-week high. The crack spread rose to its highest level in four years, giving refiners more incentive to ramp up. Earlier losses faded even after more supply moved through the Strait of Hormuz and OPEC+ boosted production targets, which had dragged prices lower. Gasoline climbed on worries about supply after Ukrainian attacks cut into Russian refinery output. Saudi Arabia cut the price of Arab Light crude for Asia by $11 a barrel, and Russian exports are up, muddying the picture. The IEA is calling for a bigger drop in global oil demand for 2024. The US DOE lifted its 2026 crude production outlook, adding to the bearish tone for prices.
