On Wednesday, benchmark U.S. crude oil for August delivery increased by 7 cents, reaching $80.90 per barrel. Similarly, Brent crude for August delivery rose by 24 cents to $85.25 per barrel. In other commodities, wholesale gasoline for July delivery rose by 3 cents to $2.54 per gallon, while July heating oil also saw a 3-cent increase, reaching $2.54 per gallon. However, July natural gas fell 13 cents, settling at $2.63 per 1,000 cubic feet.

Gold for August delivery saw a decrease of $17.60, ending at $2,313.20 per ounce. On the other hand, silver for July delivery rose by 6 cents to $28.93 per ounce, and September copper remained unchanged at $4.37 per pound.

Currency exchange rates reflected a rise in the U.S. dollar to 160.72 yen from 159.68 Japanese yen. The euro fell slightly to $1.0680 from $1.0716.

In Scotland, political debate intensifies around the issuance of new oil and gas licenses, a key topic as parties prepare for the general election. Leaders argue that 100,000 jobs could be at risk without new licenses, although only around 60,000 jobs currently depend on fossil fuel extraction. Analysis indicates that new licenses would extend North Sea production by up to five years at current rates. The North Sea Transition Authority estimates there are about two billion barrels of unlicensed oil remaining, with the industry producing 440 million barrels last year.

In the U.S., the Environmental Protection Agency reported an increase in the estimated volume of an oil spill in Smackover by Martin Operating Partnership. The revision raises the spill estimate from 2,000 to 2,500 barrels, totaling approximately 105,000 gallons of oil released.