Oil Heads for Strong Monthly Advance

2026-07-30 23:26 By Jam Kaimo Samonte 1 min. read

Crude oil fell toward $82 per barrel on Friday, but was still on track to gain about 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.



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Oil Heads for Strong Monthly Advance
Crude oil fell toward $82 per barrel on Friday, but was still on track to gain about 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.
2026-07-30
Oil Prices Down on Thursday
Crude oil fell nearly 1% to below $84 a barrel on Thursday, following a 6.6% surge in the previous session, amid signs of improving shipping activity through the Strait of Hormuz and continued diplomatic efforts to ease regional tensions, despite ongoing hostilities in the Middle East. According to Kpler, 14 commodity vessels transited the Strait of Hormuz in both directions on Wednesday, up from single-digit daily crossings recorded last week. Qatar also dispatched its first LNG cargo through the waterway, while reports indicated that Saudi Arabia had proposed a naval coalition to safeguard key trade routes. Meanwhile, elevated crude inventories in China continued to weigh on import demand, further easing fears of a near-term supply squeeze. However, geopolitical risks remained elevated after US forces struck dozens of Iranian military targets in an effort to weaken Tehran's ability to threaten regional shipping and US allies.
2026-07-30
Oil Eases After Thursday Rally
Crude oil traded around $84 per barrel on Thursday after surging 6.6% in the previous session, as markets balanced renewed geopolitical tensions against signs that oil flows through the Strait of Hormuz were improving. According to Kpler, 14 commodity vessels transited Hormuz in both directions on Wednesday, up from single-digit levels seen last week. Meanwhile, ample crude inventories in China continued to limit import demand, easing some supply concerns. Still, US forces struck dozens of Iranian military targets in an effort to curb Tehran’s ability to threaten regional shipping and US allies. Also, the East-West pipeline to bypass Hormuz that Saudi Arabia has increasingly relied on now faces risks from Iran-backed Houthis. On top of that, the Caspian Pipeline Consortium suspended oil loadings at its Black Sea terminal after two tankers associated with the facility were attacked overnight.
2026-07-30