Crude oil prices moved higher today after a significant inventory decline of 12.2 million barrels reported by the U.S. Energy Information Administration for the week to June 28. This change marked a notable shift from the previous week's inventory build of 3.6 million barrels, when fuel inventories also rose, impacting oil prices negatively. Gasoline inventories shed 2.2 million barrels, while middle distillates saw a decline of 1.5 million barrels, affecting production levels in both sectors. Oil prices remained at two-month highs, supported by a weekly inventory draw and geopolitical concerns in the Middle East. Analysts warn that an escalation in the conflict between Israel and Hezbollah could disrupt oil supply from Iran. Other factors affecting prices include a slowdown in U.S. oil production growth and Saudi Arabia's influence on global oil exports.