July WTI Crude Oil futures experienced an inside range day, balancing between a low of 97.25 and a high of 102.66 to remain up 2.12% late in the session. Geopolitical factors continue to support prices, as Iran's supreme leader ordered weapons-grade uranium to remain within the country, directly contradicting a core U.S. demand in ongoing peace talks. Additionally, shipping through the Strait of Hormuz remains heavily restricted, with the EIA projecting that transit volumes will not normalize until later this year, maintaining a solid floor under the geopolitical risk premium. On the domestic front, the latest weekly EIA report revealed a massive drawdown of 7.863 million barrels in U.S. crude stockpiles, more than triple the consensus estimate. This substantial draw expanded the five-year average deficit to 10.279 million barrels, driven by robust refinery utilization that recently reached 91.7%, signaling tightening available supply.