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September WTI crude oil (CLU26) on Friday closed up +1.08 (+1.29%), and September RBOB gasoline (RBU26) closed down -0.0171 (-0.55%).

Crude oil and gasoline prices settled mixed on Friday. Crude oil rose sharply due to threats to global supplies with disruptions in the Strait of Hormuz and the Red Sea. Also, concerns about the safety of exporting crude through the Caspian Pipeline Consortium are boosting crude after several tankers were attacked by Ukrainian drones sailing to the terminal. Dollar strength on Friday was a bearish factor for energy prices.

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Crude oil prices rose on Friday despite no fresh attacks by the US and Iran against each other. However, Houthi leader Abdulmalik al-Houthi said Friday there were indications the Saudis were heading toward "comprehensive escalation," which he said would be met with a fiercer campaign.

Tensions remain high in the Middle East, leading to disruption of global supplies. In addition to the Houthi blockade of Saudi ports in the Red Sea, the US is maintaining a full maritime blockade of vessels calling at Iranian ports. Also, Iran continues to menace shipping transiting the Strait of Hormuz. In addition, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse.

Robust crude supplies in China may reduce Chinese crude purchases in the near term, a bearish factor for oil prices. China's crude inventories remain abundant, with supplies falling by only 54 million bbl since early May to around 1.2 billion bbl, according to data from Kpler.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia's 34 largest refineries. As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports. Russia is the world's number two diesel exporter, after the US, according to Vortexa.