The August ULSD contract jumped 12.27 cents to $3.3049 per gallon, a 3.8% increase, while RBOB gasoline futures for August rose 9.66 cents to $3.0139 per gallon. In contrast, crude gains remained minimal; WTI crude added only 3 cents to reach $68.72 per barrel, and Brent crude prices held steady at $72.12 per barrel.

Pressure on crude prices follows Sunday’s announcement that OPEC and its allies plan to increase production by 188,000 barrels per day starting in August. This supply boost, coupled with the resumption of tanker traffic through the Strait of Hormuz, has dampened fears of global shortages. Samer Hasn, senior market analyst at XS.com, suggested that while the market is currently optimistic about the ceasefire, the geopolitical risk premium has eroded significantly. He noted that if the truce holds, global stockpiles may struggle to absorb the surge in production, even as refined products continue to benefit from robust summer demand and tight supply chains.