Oil Prices Near Two-Month High Amid Rising Demand and Geopolitical Tensions

Summer travel boosts fuel demand as Middle East conflicts and hurricane season raise supply concerns.

U.S. crude oil inventories fell sharply, supporting higher prices despite profit-taking by some investors.
Brent and WTI crude prices have climbed, driven by expectations of increased summer travel and potential supply disruptions.
Hurricane Beryl's impact on oil production is expected to be minimal, easing some supply fears.
Geopolitical tensions in the Middle East, particularly between Israel and Hezbollah, have added a risk premium to oil prices.
OPEC's output rose in June, but voluntary supply cuts by some members continue to influence market dynamics.