Brent crude soared to $87.50 per barrel on July 4th for the first time since mid-April, holding firm as a flurry of bullish news supports crude prices in early July
. The surge was driven by oil supply threats from Hurricane Beryl and a bullish oil inventory report from the EIA. Reports indicated that Hurricane Beryl is disrupting U.S. oil output, prompting companies like Shell, BP, and Exxon Mobil to evacuate platforms in the Gulf of Mexico. The National Hurricane Center and the Bureau of Ocean Energy Management estimate that around 73,000 barrels per day of federal offshore oil production lie in the storm's projected path.
However, experts stated on Thursday that they believe the hurricane will weaken as it passes the Yucatan Peninsula. According to ICIS, Beryl is expected to 'weaken further and reach Tamaulipas and the U.S. state of Texas as a storm, much less destructive and not a cause of concern for industrial assets in those regions.' Amid the rise in crude prices, Saudi Aramco released its OSPs for August loadings on Thursday.
Oil Prices Beryl Hurricane Aramco OSP
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