July WTI Crude Oil futures faced a negative finish following an inside range day, as markets navigated a complex mix of geopolitical developments and shifting demand forecasts. Despite the Strait of Hormuz remaining closed to commercial traffic, crude prices moved lower as a planned large-scale attack on Iran was delayed amid ongoing peace proposal negotiations. Additionally, the latest EIA short-term energy outlook highlighted a significant downward revision in 2026 global oil demand growth, dropping to 200,000 barrels per day. This reduction is primarily driven by Asian economies cutting fuel use and curtailing refined product exports due to their exposure to Middle East supply chains.