WTI Crude oil futures extended a sharp surge as the United States continued its strikes against Iran, with both nations firmly ruling out near-term diplomatic talks. As per reports, President Trump also threatened major military punishment against Iran and the Houthis. Escalating tensions in the Middle East stoke intense fears of widespread global oil supply disruptions. WTI crude oil futures broke above $90 per barrel to hit a 7-week high before easing. The counter still spiked around 10% for the week. MCX Crude oil futures topped Rs 9000 per barrel in tune with the firm global cues before witnessing a turnaround.

Meanwhile, EIA stated in a latest update that the US crude oil refinery inputs averaged 17.1 million barrels per day during the week ending July 17, 2026, which was 58 thousand barrels per day less than the previous week’s average. Refineries operated at 96.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased, averaging 5.3 million barrels per day. US crude oil imports averaged 5.8 million barrels per day last week, increased by 117 thousand barrels per day from the previous week.

Over the past four weeks, crude oil imports averaged about 5.6 million barrels per day, 11.4% less than the same four-week period last year. Importantly, the US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. EIA noted that at 411.7 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year. Total motor gasoline inventories increased by 0.8 million barrels from last week and are 7% below the five-year average for this time of year.

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