Oil Prices Climb as Libya and Iraq Supply Disruptions Loom

Libya's political turmoil and Iraq's planned output cuts heighten concerns over global oil supply.

Libya's oil production has dropped by over 50%, halting exports at several ports.
Iraq plans to cut oil output in September to comply with OPEC+ quotas.
U.S. crude inventories fell by 846,000 barrels, less than anticipated.
Expectations of U.S. interest rate cuts are providing additional support to oil prices.
Analysts remain cautious about medium-term oil market stability due to ongoing geopolitical risks.