"However, continued Ukrainian attacks on Russian refinery infrastructure have forced Russia to shift from fuel exporter to importer, tightening global supplies and putting upward pressure on crack spreads — explaining why pump prices haven't fallen as sharply as oil prices might suggest.
Until the refining supply picture improves, significant further drops at the pump may be limited," said Patrick De Haan.
In the underlying energy markets, West Texas Intermediate (WTI) crude oil experienced a sharp rally on July 8, 2026, breaking above a descending trend line that capped gains since late June.
According to an FX Daily Report market analysis, WTI climbed from a $69.00 support zone to a high near $72.81 per barrel, supported by a shorter-term ascending trend line connecting higher lows.
Technical indicators showed signs of buyer exhaustion near the recent peak, with the 100 SMA remaining below the 200 SMA, suggesting potential pullbacks toward Fibonacci retracement levels at $70.64, $69.97, or $69.30.
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Concurrently, Robinhood Derivatives LLC listed prediction event contracts tracking the front-month settle price for a barrel of WTI light sweet crude oil on the Intercontinental Exchange for July 9, 2026.
