The August WTI contract climbed $1.10 by mid-morning Thursday, while September Brent crude followed suit with a $1.08 gain. Refined products saw similar upward pressure, with July RBOB rising 8.06cts to $2.9624/gal and July ULSD gaining 8.55cts to $3.2617/gal. This rally arrives after a sharp price retreat that pushed Brent near $73/bbl, its lowest point in three months.

Rystad Energy reports that regional output has rebounded significantly, with shut-in production across the Gulf dropping to 9.6 million b/d from 11.7 million b/d just three weeks ago. The firm credits this faster-than-expected recovery to resumed operations in Iran and improved tanker activity. Market attention remains locked on the Strait of Hormuz, where the clearing of shipping backlogs is actively dampening fears of prolonged export disruptions.