Crude Oil Prices Soar as US-Iran Conflict Escalates

Crude oil prices surged on Thursday, July 30, 2026, after renewed U.S. strikes on Iran escalated supply concerns.

The price of Brent crude rose $1.48, or 1.6%, to $92.22 per barrel, while West Texas Intermediate (WTI) gained 43 cents, or 0.5%, to $84.89 per barrel.

The increase in oil prices was largely driven by the resumption of U.S. attacks on Iran, which restored part of the geopolitical risk premium in crude oil prices.

Falling American inventories also provided support for the market, with a larger-than-expected 7.2 million-barrel decline in commercial crude stocks to their lowest level since 2018.