Crude Posts Best Monthly Gain Since March

2026-07-31 20:48 By Agna Gabriel 1 min. read

Crude oil prices rose 1% on Friday to around $85 a barrel, capping a more than 20% 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.



News Stream
Crude Posts Best Monthly Gain Since March
Crude oil prices rose 1% on Friday to around $85 a barrel, capping a more than 20% 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
Oil Set for Strong Monthly Advance
Crude oil climbed above $85 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
Oil Heads for Strong Monthly Advance
Crude oil rose above $85 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