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Brent Crude Oil Prices Soar 24% in July Amid Geopolitical Tensions

Guavy AI Editorial Team
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Oil
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Brent crude oil prices surged in July, increasing by nearly 24% to near $88 a barrel. This is its strongest monthly gain since March.

The price hike was driven by escalating geopolitical tensions and concerns over global oil supplies.

Iran claimed it attacked two tankers transiting the Strait of Hormuz under US military escort, although 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.

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