Hurricane Beryl’s impact limited: Initial fears of disruption to oil production in Texas from Hurricane Beryl subsided as the storm caused less damage than expected.

Oil prices down: This positive development led to a decline in oil prices. Brent crude futures fell 0.45% to $85.36 per barrel, and WTI crude dropped 0.53% to $81.89 per barrel.

Market shift: With supply concerns easing, the oil market’s focus might return to other factors influencing prices, such as global demand and geopolitical situations.