Crude oil prices surged today following a substantial 12.2 million barrel inventory decline reported by the U.S. Energy Information Administration for the week ending June 28. This marked a sharp contrast to the previous week's 3.6 million barrel inventory build, which had weighed down on oil prices. The EIA also reported draws in fuel inventories for the last week of June, with gasoline inventories dropping by 2.2 million barrels and middle distillates seeing a decline of 1.5 million barrels. Gasoline production and middle distillate production both showed increases compared to the previous week. Geopolitical factors, such as escalating tensions in the Middle East and hurricane threats in the Gulf of Mexico, have further supported oil price increases. Analysts warn that a wider conflict involving Iran could pose a significant risk to global oil supply and infrastructure. Additionally, signs of a slowdown in U.S. oil production growth and Saudi Arabia's contribution to a global oil export decline emphasize the ongoing volatility in the oil market.