The oil market continued the upward rally through the week, driven by heightened geopolitical tensions in the Middle East and supply-loss concerns over the impact of Hurricane Beryl on production in the Gulf of Mexico. A sharp draw of 12.16 million bbl in US crude inventories also supported the price rise. On the other hand, the decline in the PMI of two major economies, the US and China, in June, implying an economic slowdown, as well as increased output in Iran and Nigeria, weighed on crude prices. North Sea Dated crude’s weekly average increased by US$1.76/bbl, in the week ended 5th July. Our ex-RVO global composite refining margins expanded by US$0.90/bbl to US$5.93/bbl, primarily driven by strength in gasoline cracks across US, Middle East, and Asia. Weekly margins were at US$0.03/bbl below the five-year historical average for the same week (excluding 2022).