Oil prices rise as markets focus on supply, demand outlook

Oil prices edged higher on Tuesday, July 7, 2026, as investors assessed improving supply conditions and monitored demand prospects despite lingering tensions in the Middle East.

Brent crude futures climbed 0.5 per cent to $72.37 per barrel, while U.S. West Texas Intermediate crude gained 0.4 per cent to $68.85 per barrel.

Analysts said the easing of geopolitical concerns has reduced the risk premium in oil prices, but uncertainty over relations between the United States and Iran continues to keep the market on edge.

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Chief Market Analyst at KCM Trade, Tim Waterer, said investors are also closely monitoring demand, particularly from China, as future price movements will depend on whether global consumption matches expectations.

Meanwhile, U.S. President Donald Trump reiterated that Washington would either secure a deal with Iran or take further action, while Tehran maintained its defiant position.

Investors are also closely watching discussions over maritime security in the Strait of Hormuz and the steady recovery of crude exports from Gulf producers, both of which could influence oil prices in the coming weeks.