Brent Surges 24% in July

2026-07-31 20:50 By Agna Gabriel 1 min. read

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.



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