Oil rises to two-month high on summer demand outlook and supply fears
- U.S. Crude oil prices reached $84 per barrel due to concerns of potential supply disruptions from a potential war between Israel and Hezbollah and an active hurricane season in the Gulf of Mexico.
- Traders are concerned about the impact of an early hurricane season on refineries and oil production along the U.S. Gulf Coast, with fears heightened after Hurricane Beryl reached Category 5 status.
- Gasoline prices rose to an average of $3.50 per gallon, with slight increases from the previous week but still lower than last month, ahead of the Fourth of July holiday.
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