Brent crude oil prices rose 1.2% to near $88 a barrel on Friday, posting a nearly 24% gain in July, its strongest monthly increase since March, driven by escalating geopolitical tensions and growing concerns over global oil supplies. Iran claimed it attacked two tankers transiting the Strait of Hormuz under US military escort, though Western maritime authorities have not confirmed the incident. Renewed conflict between the US and Iran, Houthi attacks in the Red Sea, and Saudi strikes on Iran-backed groups have heightened risks to key shipping routes. Falling US crude inventories have added further upward pressure on prices. Meanwhile, attacks near Russia’s Black Sea oil export infrastructure, including the Caspian Pipeline Consortium (CPC) terminal, have raised concerns about disruptions to Kazakhstan’s oil exports, an important source for European refiners. Although the CPC decided to continue operations, uncertainty over supply security continues to support higher oil prices.

Brent rose to 90.24 USD/Bbl on July 31, 2026, up 3.87% from the previous day. Over the past month, Brent's price has risen 26.09%, and is up 29.52% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on July 31 of 2026.

Brent rose to 90.24 USD/Bbl on July 31, 2026, up 3.87% from the previous day. Over the past month, Brent's price has risen 26.09%, and is up 29.52% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 101.25 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 114.74 in 12 months time.



Price Day Month Year Date
Crude Oil 86.80 3.210 3.84% 26.57% 28.92% Jul/31
Brent 90.24 3.360 3.87% 26.09% 29.52% Jul/31
Natural gas 2.79 0.0340 1.23% -13.29% -9.44% Jul/31
Gasoline 3.17 0.0400 1.28% 7.68% 50.47% Jul/31
Heating Oil 4.19 0.0645 1.56% 30.32% 82.34% Jul/31
Coal 134.05 3.85 2.96% 3.43% 16.41% Jul/30
Ethanol 1.95 -0.0050 -0.26% 3.72% 11.59% Jul/31
Naphtha 778.41 11.34 1.48% 26.83% 40.30% Jul/31
Propane 0.69 -0.01 -2.01% -2.81% -1.49% Jul/31
Uranium 86.60 0 0% 0.64% 21.20% Jul/31
Methanol 2,594.00 -29.00 -1.11% 8.90% 8.40% Jul/31
Urals Oil 84.56 -0.83 -0.97% 50.49% 22.80% Jul/30


Brent crude oil
Brent crude oil is one of the principal benchmark prices for oil traded globally. Originating from the North Sea, Brent serves as a key pricing reference for crude oil produced in Europe, Africa, and the Middle East, particularly for supplies moving westward. Due to its broad use in international trade, Brent is widely regarded as a global benchmark for oil pricing. Brent crude is typically classified as light and sweet, meaning it has relatively low density and sulfur content, making it easier to refine into products such as gasoline and diesel. Brent prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official Brent crude benchmarks. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
90.24 86.88 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Surges 24% in July
Brent crude oil prices rose 1.2% to near $88 a barrel on Friday, posting a nearly 24% gain in July, its strongest monthly increase since March, driven by escalating geopolitical tensions and growing concerns over global oil supplies. Iran claimed it attacked two tankers transiting the Strait of Hormuz under US military escort, though Western maritime authorities have not confirmed the incident. Renewed conflict between the US and Iran, Houthi attacks in the Red Sea, and Saudi strikes on Iran-backed groups have heightened risks to key shipping routes. Falling US crude inventories have added further upward pressure on prices. Meanwhile, attacks near Russia’s Black Sea oil export infrastructure, including the Caspian Pipeline Consortium (CPC) terminal, have raised concerns about disruptions to Kazakhstan’s oil exports, an important source for European refiners. Although the CPC decided to continue operations, uncertainty over supply security continues to support higher oil prices.
2026-07-31
Brent Set for Strong Monthly Advance
Brent crude oil climbed above $88 a barrel on Friday, extending its monthly advance to more than 20% amid renewed hostilities between the US and Iran and reports that some tankers were forced to turn around in the Strait of Hormuz. According to Iran’s Fars news agency, the Revolutionary Guards stopped two tankers from passing through the waterway, while four others altered course. Even so, Kpler ship-tracking data showed that two very large crude carriers loaded in the Gulf successfully exited the Strait on Friday. The conflict has intensified this month as a temporary pause in fighting between Washington and Tehran collapsed, Yemen’s Houthis became more involved, and Saudi forces joined US operations against Iran-backed groups in Iraq. Separately, declining US crude inventories and a Ukrainian strike on Russia’s Volgograd oil refinery added to concerns over global supply.
2026-07-31
Brent Heads for Strong Monthly Advance
Brent crude oil rose above $88 per barrel on Friday, and was on track to gain more than 20% for the month as renewed fighting between the US and Iran threatened further disruptions to Middle Eastern energy supplies. The US military launched fresh strikes on Iranian targets in response to Tehran’s attacks on US assets across the region, dimming hopes for any near-term diplomatic breakthrough. Still, tanker traffic through the Strait of Hormuz increased after a recent slowdown, allowing millions of barrels of crude to pass. Meanwhile, in the Red Sea, Saudi Arabia held talks with representatives from 43 countries about forming a maritime coalition to safeguard shipping routes following the blockade imposed by Iran-backed Houthi militants last week. Elsewhere, traders also remained wary of supply disruptions in the Black Sea after loadings at the export terminal critical to Kazakhstan’s crude shipments were suspended once again this week following fresh attacks on oil tankers.
2026-07-31