With recent ample supply, oil prices have stabilized.

As the market trends towards short-term oversupply, oil prices remain relatively stable. Brent crude rose 0.3% to $72.02 per barrel, while the August delivery contract for West Texas Intermediate crude held steady at $68.73 per barrel. Soojin Kim of Mitsubishi UFJ wrote that the near-month contract price differential for oil is in a futures premium state, indicating ample supply in the near term. "The recovery of exports from the Gulf region, coupled with increasing offshore oil storage in Iran, continues to add to short-term supply," the analyst added. However, supply risks still exist, as key issues between the US and Iran remain unresolved, including the future jurisdiction of the Strait of Hormuz.