Oil prices were little changed on Friday after rising in the previous session as concerns drone attacks on northern Iraqi oil fields will cut supply vied with worries of potential demand declines amid uncertainty in U.

Crude oil market uncertainty continues to reign as the price consolidation period stretches into its fourth week.

Thursday closed up +1.16 (+1.75%), and August RBOB gasoline (RBQ25) closed up +0.0264 (+1.23%). Crude oil prices rallied Thursday on concerns about tighter global oil supplies after Iraq said it has lost about 200,

The crude oil market continues to see a lot of buying on short-term pullbacks, as the market looks at the same support levels. At this point, the season trade is in effect, although it is slow this year.

Concerns around tariffs and conflicts in the Middle East and Ukraine have taken a backseat to more fundamental factors affecting these markets.

The state's crude oil output has been declining for some time, according to state data. Year-to-date, California has issued five new drilling permits and 2,031 plug and seal permits, according to the state's Department of Conservation. In 2024, 85 new drill permits for the oil and gas sector were issued, down from 1,788 in 2018, the data showed.

Oil prices have slumped all year, and the industry has been hesitant to get onboard with "drill baby drill." One exec see prices nearing a dangerous level.

Oil prices are influenced by a complex interplay of supply, demand, and geopolitical events, not solely by OPEC or U.S. presidents.