Crude Oil Jumps 7% to Around $85

2026-07-29 19:47 By Joana Taborda 1 min. read

Crude oil extended gains to rise more than 7% to around $85 a barrel on Wednesday, snapping a three-day losing streak, as hostilities in the Middle East increased.

US President Trump said the US will hit Iran hard in retaliation for an attempted surprise attack on American forces.

This comes after the US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East.

Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day.

Also, there were reports that Yemen's Houthi militants were considering charging fees for vessels transiting the Red Sea, adding to concerns over shipping costs and energy flows.

Iran has also sought to impose similar charges on the Strait of Hormuz.

In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.



News Stream
Crude Oil Jumps 7% to Around $85
Crude oil extended gains to rise more than 7% to around $85 a barrel on Wednesday, snapping a three-day losing streak, as hostilities in the Middle East increased. US President Trump said the US will hit Iran hard in retaliation for an attempted surprise attack on American forces. This comes after the US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day. Also, there were reports that Yemen's Houthi militants were considering charging fees for vessels transiting the Red Sea, adding to concerns over shipping costs and energy flows. Iran has also sought to impose similar charges on the Strait of Hormuz. In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.
2026-07-29
Oil Rebounds as Middle East Tensions Flare
Crude oil surged more than 6% to above $84 a barrel on Wednesday, snapping a three-day losing streak as renewed fighting across the Middle East reinforced concerns over potential supply disruptions. The US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day. Also, there were reports that Yemen's Houthi militants were considering charging fees for vessels transiting the Red Sea, adding to concerns over shipping costs and energy flows. Iran has also sought to impose similar charges on the Strait of Hormuz. In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.
2026-07-29
Oil Rebounds as Middle East Tensions Flare
Crude oil surged more than 4% toward $83 per barrel on Wednesday, snapping a three-day losing streak as renewed hostilities in the Middle East reignited geopolitical tensions after several days of relative calm, fueling fresh concerns over disruptions to energy supplies. The US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day, although the full extent of the damage remains unclear. On the diplomatic front, Iran rejected Oman’s proposal for shared 50-50 control of the Strait of Hormuz, maintaining that Tehran must retain full control of the inbound shipping lane and part of the outbound route. In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.
2026-07-28