WTI Crude Oil futures rallied for a second consecutive session, bouncing off the 50-day moving average. The July contract reached a high of 94.00, finishing the session up 1.56% despite a daily low of 90.12. Physical markets continue to tighten as U.S.-Iran negotiations extend to five days without an agreement to reopen the strait. While current supplies remain manageable, anticipated high summer demand in July and August is projected to accelerate inventory draws. To fill the supply void, U.S. crude exports reached a record 5.6 million barrels per day in May, driven by increased demand from Asian and European refiners seeking alternatives to Persian Gulf volumes. This export surge has significantly boosted tanker traffic along the Gulf Coast, particularly at the Port of Corpus Christi.