Global crude prices increased in the week commencing 23rd July. The weekly average Dated Brent price strengthened by almost US$3/bbl, but this was still not enough to recover from the previous week's decline. Crude prices rallied on the decision of Saudi Aramco to halt crude shipments on the Bab al-Mandeb strait (between Yemen and Djibouti), which will lengthen the journey time for exports to Europe and North America. US crude prices also increased as domestic crude stocks continued to decline, despite US crude runs close to an eight-week low. However, the Brent-WTI differential increased back over US$4/bbl, which is the widest level in five weeks.