August WTI Crude Oil Rises 4.94 Percent Weekly Despite OPEC+ Output Increase

August WTI crude oil closed at $71.84 on Thursday evening, July 9, 2026, up $3.38 or 4.94 percent for the week ending July 10. The contract traded in a range from a low of $67.82 to a high of $76.08 before easing late in the session. OilPrice.com reported that the advance occurred even as OPEC+ agreed to raise August 2026 production targets.

Traders placed greater weight on potential supply interruptions through the Strait of Hormuz, through which roughly one-fifth of the world's seaborne crude oil passes. The same report noted that 63 million barrels of crude remained stuck at sea after the U.S. withdrew an Iran sanction waiver.

com, including Ukraine strikes on two Russian fuel tankers, Russia's ban on diesel exports, and Pakistan's emergency LNG purchases after a Qatar cargo cancellation. ADNOC ordered $900 million in new LNG carriers and signed a 15-year supply agreement with Japan's Inpex.

India expanded its strategic oil reserves through a new ONGC storage plan, while Turkey and Iraq acted to maintain a key export route.

Indonesia took delivery of its first Russian crude shipment under an April deal, and Germany advanced plans for a $1.7 billion strategic natural gas reserve. -Iran conflict could alter the oil surplus outlook. OilPrice.com stated that these factors outweighed the bearish effect of higher OPEC+ volumes and supported the weekly gain.