Brent Crude Surges above $86 as US-Iran Hostilities Pause
The Brent crude oil price surged above $86 per barrel on July 29, while US West Texas Intermediate (WTI) rose near $82, following a pause in hostilities between the US and Iran.
The rally came after US President Donald Trump held talks with Israeli Prime Minister Benjamin Netanyahu, leading to improved market sentiment as all parties preferred reaching a negotiated agreement rather than escalating military action over Iran's nuclear program.
A decline in US crude oil inventories also supported crude prices, indicating tighter supply conditions and improving demand expectations.
Despite the rebound, analysts say oil prices are likely to remain highly volatile, with investors tracking diplomatic efforts between the US, Israel, and Iran, as well as crude inventory trends and shipping developments through the Strait of Hormuz.