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Commodities

Global Oil Prices Surge on August 1, WTI Crude Hits $86.80 Barrel

Guavy AI Editorial Team
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Oil
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Global oil prices experienced an upward trend on August 1, 2026, with WTI crude oil rising to $86.80 per barrel and Brent reaching $87.93 per barrel.

Compared to July 31st, WTI oil increased by $2.77 per barrel, or 3.30%, while Brent crude oil rose by $0.92 per barrel, or 1.06%.

The price gap between Brent and WTI crude oil narrowed to just $1.13 per barrel, a significant reduction from the $2.98 per barrel mark on July 31st.

Petrolimex retail prices remained unchanged despite the global increase in oil prices.

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