Crude oil saw a significant pullback on Thursday, but the weekly gain is still close to 5%.

⑴ International crude oil prices fell below $82 per barrel on Thursday, ending a five-day streak of gains as market concerns over weak demand and disruptions to maritime traffic in the Strait of Hormuz weighed on oil prices. ⑵ The International Energy Agency lowered its global crude oil demand forecast, noting that prolonged Middle East conflicts and persistently high oil prices continue to suppress oil consumption; institutions estimate that the global crude oil supply gap this quarter is 1.8 million barrels per day, more than double the previous forecast, while July crude oil supply decreased by 6.3 million barrels per day year-on-year. ⑶ U.S. crude oil inventories surged by 17.4 million barrels last week, marking the highest single-week increase since January 2023. ⑷ Diplomatic negotiations between the United States and Iran to resolve conflicts and ease passage through the Strait of Hormuz have made limited progress, while maritime ship attacks remain frequent and confrontational rhetoric between both sides continues to escalate. ⑸ Although oil prices weakened on Thursday, crude oil recorded a nearly 5% cumulative gain for the week.