Oil futures have experienced significant fluctuations recently. On June 24, West Texas Intermediate (WTI) crude oil rose by $1 a barrel to a session high of $81.75. However, by June 25, oil prices dropped as a stronger dollar and technical factors overshadowed rising geopolitical risks, with WTI settling below $81 and Brent crude around $85. Earlier, WTI was near $82 and Brent crude traded above $86. Analysts from JPMorgan Chase expect Brent to average $84 in the third quarter and reach $90 by August or September, underpinned by expectations that global demand will outpace supply. The Dallas Fed Energy Survey indicated that regional oil and gas activity rose modestly in Q2 2024, with the business activity index increasing from 2.0 in Q1 to 12.5 in Q2. Despite this, regional oil output remained little changed, with the oil production index advancing from -4.1 in Q1 to 1.1 in Q2, suggesting production was essentially unchanged.