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Oil Prices Fall Over 2% Overnight as Middle East Tensions Ease, Crude Supply Concerns Recede

GateNews
CommoditiesMetalsStocksIndices
XAU2.25%
XAG4.49%
SPX5000.33%
According to Jin10 Futures, overnight on July 2, crude oil prices fell sharply as Middle East tensions eased and supply concerns receded. WTI crude fell 2.03% to $68.09 per barrel, while Brent crude dropped 2.41% to $71.19 per barrel. Hormutz Strait shipping resumed following previous geopolitical disruptions, while U.S.-Iran negotiations progressed and Iranian crude exports resumed. U.S. crude production and exports reached historic highs, with multiple institutions forecasting a global crude oversupply. Concurrently, precious metals showed mixed performance: COMEX gold rose 0.15% to $4,044.60 per ounce, while COMEX silver fell 0.53% to $59.60 per ounce. U.S. equity indices closed slightly lower, with the Dow down 0.03%, the S&P 500 down 0.22%, and the Nasdaq down 0.66%, though semiconductor stocks declined sharply.
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