Overview

• U.S. producers executed record hedging volumes on June 13 to lock in six-month price gains following a 7% single-day crude surge.
• Brent crude fell $1.84 to $77.01 a barrel and U.S. WTI for August settled at $73.84 as sanctions tempered the earlier rally.
• The Trump administration’s latest Iran sanctions under OFAC target over 20 entities, including two in Hong Kong, plus multiple vessels.
• Baker Hughes data show U.S. oil and gas rig counts have declined for an eighth consecutive week to 554, the lowest since November 2021.
• Market analysts warn that ongoing Israel–Iran tensions continue to inject a geopolitical risk premium into oil prices.