Iran War Simmering Drives Oil Prices to Biggest Monthly Gain Since March
Oil prices surged in July, marking their biggest monthly gain since March as global conflicts and supply disruptions weighed on markets.
The simmering tensions between the US and Iran continued to drive up oil prices, with Brent's most active contract settling 1.2% higher near $88 a barrel and West Texas Intermediate rising 1% to settle below $85.
The conflict in the Middle East has disrupted energy shipments, with attacks on ships loading oil at or nearby the Caspian Pipeline Consortium terminal in Russia's Black Sea adding upward pressure on prices.
A fragile pause in hostilities between Washington and Tehran collapsed in July, with the Yemen-based Houthis entering the fray and Saudi Arabian forces joining the US to strike Iran-backed groups in Iraq.