The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid the geopolitical turmoil from the Iran conflict and closure of the Strait of Hormuz, US producers ramped up output to compensate for supply disruptions. The Energy Information Administration (EIA) reported that US crude oil production hit a new record of 13.934 million barrels per day in April 2026, surpassing the previous record of 13.718 million bpd set in March. This reflects a rapid response from shale oil companies to higher prices.
The record comes during a period of high volatility. West Texas Intermediate crude (CL) closed at $92.40 per barrel on June 29, while Brent (BZ) settled at $12.97 per barrel (close June 29). Market data suggests that rising US output is helping offset supply losses from the Strait of Hormuz disruption, potentially capping further price gains in the near term.
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Sign InTraders are now watching developments in the Middle East and their impact on oil flows, along with upcoming weekly inventory reports from the EIA. The backward-looking production data may have limited immediate price impact since markets have already priced in the supply response. At current levels, WTI sits at $92.40 with support near $91.17 and resistance at $92.61 (intraday levels from June 29).