Oil costs are experiencing their fourth consecutive week of good points, pushed by seasonal demand and record-breaking U.S. journey for the Fourth of July vacation.Moreover, crude has confronted provide points associated to geopolitical tensions within the Center East and disruptions from hurricanes within the Caribbean.West Texas Intermediate (WTI) gentle crude costs, as tracked by the U.S. Oil Fund USO, soared above $84 a barrel on Tuesday, setting the stage to shut at their highest degree since April 16.Document Journey Anticipated For Independence Day HolidayThe American Vehicle Affiliation (AAA) initiatives 70.9 million vacationers will journey 50 miles or extra throughout Independence Day week, a 5% improve over 2023 and eight% over 2019.”With summer season holidays in full swing and the flexibleness of distant work, extra People are taking prolonged journeys round Independence Day,” stated Paula Twidale, senior vp of AAA Journey. “We anticipate this July 4 week would be the busiest ever, with an extra 5.7 million folks touring in comparison with 2019.”Between June 28 and July 7, a report 60.6 million folks will journey by automobile over Independence Day week, up 2.8 million from final 12 months and surpassing the 55.3 million who traveled by automobile in 2019.Automobile-rental big Hertz World Holdings Inc HTZ says Dallas, Denver, Salt Lake Metropolis, Los Angeles, and San Francisco are the cities displaying the very best rental demand through the vacation week. The busiest pick-up days are projected to be Friday, June 28, Saturday, June 29, and Wednesday, July 3. Air journey can also be anticipated to set a report, with 5.74 million folks flying to their July 4 locations, a 7% improve from final 12 months and 12% from 2019. Home airfare is 2% cheaper, averaging $800 for a round-trip ticket. AAA recommends arriving two hours early, reserving parking, and utilizing carry-on baggage to save lots of money and time.Over 4.6 million folks will journey by bus, cruise, and prepare, a 9% improve from final 12 months however barely under 2019’s 4.79 million. Cruises, particularly to Alaska, are in excessive demand, with Seattle and Anchorage as high locations. Cruise strains are providing reductions to fill older stock as new ships enter the market.Hurricanes, Geopolitical Frictions Weigh On Crude SupplyOil costs have surged attributable to rising geopolitical tensions and an intensifying hurricane within the Caribbean. ING commodity strategist Ewa Manthey famous, “The Israel-Hamas battle continues to escalate and will increase the danger of oil provide disruptions. Current studies additionally counsel that the record-breaking Hurricane Beryl is intensifying, elevating the probabilities of flooding rains and storm surges that might hit oil operations within the Gulf of Mexico later this week. This has additionally raised issues over a extreme hurricane season that’s but to come back.”Technical Evaluation Signifies Bullish TrendsDavid Morrison, senior market analyst at Commerce Nation, commented, “Crude oil has lastly damaged out of its latest consolidation part. Each Brent and WTI had spent over per week buying and selling in a slender vary of lower than $2. For front-month WTI, a flooring was established simply above $80, which additionally corresponded to the 100-day transferring common.”Learn Subsequent: Picture created utilizing synthetic intelligence through Midjourney.