Oil prices held mostly flat on Tuesday as Hurricane Beryl caused less damage than anticipated to key oil-producing areas in Texas.
Early concerns about supply disruptions eased after major refineries along the U.S. Gulf Coast reported minimal impact from the storm, which weakened to a tropical storm upon reaching land.
- Prices Hold Steady: Brent crude rose slightly to $85.79 per barrel, while West Texas Intermediate (WTI) crude edged up to $82.35 per barrel.
- Hurricane Impact Minimal: Although some oil production sites were evacuated and refining activity slowed, major infrastructure remained largely unscathed.
- Refineries Resume Operations: Key ports like Corpus Christi and Houston reopened, and refiners like Marathon Petroleum are preparing to restart operations.
Market Focus Shifts
With immediate supply concerns quelled, investors are now watching other developments:
- Middle East Tensions: The ongoing situation in the Middle East remains a potential source of price volatility.
- Ceasefire Talks in Gaza: Hopes for a ceasefire deal could further stabilize oil prices, but recent reports suggest gaps remain between the two sides.
- U.S. Inflation Data and Fed Meeting: Upcoming U.S. inflation data and Federal Reserve Chair Jerome Powell’s congressional testimony will be closely monitored as they could influence future interest rate decisions and potentially impact oil demand.
While oil prices saw a slight dip on Monday after a period of gains, the focus has shifted from hurricane disruptions to broader geopolitical and economic factors that could influence the market going forward.
