July Commodities Recap: Crude Oil Surges Amid Middle East Tensions

Crude oil prices were volatile in July, but ultimately rose 22.23% according to the September NYMEX WTI crude oil futures chart. This gain was led by hopes of a settlement between Iran and the United States that opened up the Strait of Hormuz, which threatened to escalate into an all-out war.

Brent crude oil, used as the benchmark for Middle Eastern petroleum, followed suit with a 20.46% monthly gain on the ICE October contract. Gasoline futures moved 14.03% higher, while heating oil futures rose 29.60%. The products outperformed crude oil due to elevated refining margins.

On the other hand, NYMEX U.S. natural gas futures declined by 13.99%, despite being in the heart of the cooling season. European natural gas futures prices rallied on Middle Eastern supply concerns, while UK and Netherlands natural gas futures also moved higher.