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    • Oil Prices Edge Higher as Markets Monitor Supply and Demand

    By on July 8, 2026
    crude oil
    crude oil

    Tokyo:  Oil prices edged higher today as markets focused on global supply growth and demand prospects, while easing geopolitical tensions in the Middle East limited gains.

    Brent crude futures rose 28 cents, or 0.39 percent, to $72.29 a barrel, while US West Texas Intermediate (WTI) crude increased by 29 cents, or 0.26 percent, to $68.84 a barrel, after both benchmarks settled near pre-conflict levels in the previous session.

    Market participants continued to monitor talks between the United States and Iran for indications on the future of shipping through the Strait of Hormuz, while also assessing the recovery in Gulf oil exports.

    Data showed that the United Arab Emirates increased crude oil production to more than 3.8 million barrels per day in June, its highest level since April 2020 and above pre-conflict production levels, following its withdrawal from the OPEC+ alliance in May 2026.

    Meanwhile, OPEC and its allies, including Russia, agreed on Sunday to raise production targets by 188,000 barrels per day from August 2026, following similar output increases approved for June and July.

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