Commodities

Oil Prices Soar 5% Amid Fresh Middle East Tensions

Guavy AI Editorial Team Published July 29, 2026

Instruments

Oil

Oil prices surged by 5% on July 29 after fresh strikes in the Middle East sparked concerns about crude supply disruptions.

The international benchmark Brent North Sea crude rose to $88.57 a barrel, while the main U.S. oil contract WTI gained 5% to $83.25 a barrel.

The price hike comes as U.S. President Donald Trump vowed a forceful response after Iran fired missiles toward American military facilities in Jordan on July 29.

The Wire

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