Oil prices fell to a one-week low, with Brent futures falling 79 cents (0.9%) to $85.75 a barrel and U.S. West Texas Intermediate (WTI) crude decreasing 83 cents (1.0%) to $82.33. This decline was influenced by Hurricane Beryl, which shut down refineries and ports along the Gulf of Mexico, and optimism over a potential ceasefire in Gaza. The hurricane caused significant disruptions in Texas, closing oil ports, canceling flights, and leaving over 2.7 million without power. Analysts noted that hedges placed before the storm were unwound due to minimal damage to crude facilities. Additionally, ongoing ceasefire negotiations in Gaza and recent elections in the UK, France, and Iran added to the market’s dynamics. In Asia, crude imports dropped in the first half of 2024, primarily due to lower arrivals in China, while India saw a 2.6% increase in fuel consumption in June. Germany’s exports fell more than anticipated in May, and Kazakhstan announced plans to adjust its oil output to meet OPEC+ quotas. The existing OPEC+ output cuts are expected to cause supply deficits in the third quarter.