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.

Crude Oil rose to 84.67 USD/Bbl on July 31, 2026, up 1.29% from the previous day. Over the past month, Crude Oil's price has risen 23.46%, and is up 25.75% 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, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on August 2 of 2026.

Crude Oil rose to 84.67 USD/Bbl on July 31, 2026, up 1.29% from the previous day. Over the past month, Crude Oil's price has risen 23.46%, and is up 25.75% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 87.14 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 100.47 in 12 months time.



Price Day Month Year Date
Crude Oil 84.67 1.080 1.29% 23.46% 25.75% Jul/31
Brent 87.93 1.050 1.21% 22.86% 26.21% Jul/31
Natural gas 2.75 -0.0110 -0.40% -14.69% -10.90% Jul/31
Gasoline 3.11 -0.0171 -0.55% 5.74% 47.76% Jul/31
Heating Oil 4.10 -0.0336 -0.81% 27.27% 78.07% Jul/31
Coal 134.00 -0.05 -0.04% 3.40% 16.62% Jul/31
Ethanol 1.95 0 0% 3.72% 11.59% Jul/31
Urals Oil 84.56 -0.83 -0.97% 50.49% 22.80% Jul/30



Related Last Previous Unit Reference
United States API Crude Oil Stock Change 3.30 2.60 BBL/1Million Jul 2026
Saudi Arabia Crude Oil Production 6637.00 7010.00 BBL/D/1K Jun 2026
United States Crude Oil Production 13934.00 13718.00 BBL/D/1K Apr 2026
Russia Crude Oil Production 9976.61 9976.48 BBL/D/1K Mar 2026
United States Crude Oil Stocks Change -7.17 2.01 BBL/1Million Jul 2026
United States Weekly Crude Oil Production 13796.00 13798.00 Thousand Barrels Per Day Jul 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil 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 WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. 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
84.67 83.59 147.27 -40.32 1983 - 2026 USD/BBL Daily

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