WTI Crude Oil futures rose over 3% on Gulf drone strikes

August WTI Crude Oil futures rose significantly during Tuesday's session, jumping more than 3% at the highs to mark the largest one-day percentage gain since June 1st. The price surge was primarily driven by renewed geopolitical risk premiums following drone strikes on two shipping vessels in the Strait of Hormuz. This flare-up reminded market participants that the crucial corridor remains a live flashpoint despite cooling broader tensions. Additionally, supportive fundamental data showed the U.S. Strategic Petroleum Reserve fell to its lowest level since 1983, following an inventory drawdown of 6.2 million barrels for the week ending July 3rd, leaving the market with a tighter supply buffer.