Brent Crude Hits $87.50 Amid Hurricane Beryl, But Gains May Be Short-Lived

Brent crude soared to $87.50 per barrel on July 4th for the first time since mid-April, holding firm as a flurry of bullish news supports crude prices in early July. The surge was driven by oil supply threats from Hurricane Beryl and a bullish oil inventory report from the EIA. Reports indicated that Hurricane Beryl is disrupting U.S. oil output, prompting companies like Shell, BP, and Exxon Mobil to evacuate platforms in the Gulf of Mexico. The National Hurricane Center and the Bureau of Ocean Energy Management estimate that around 73,000 barrels…