Oil Prices Soar on Shrinking US Crude Inventories

Oil prices jumped nearly 4% on Wednesday, July 29, 2026, driven by shrinking US crude inventories. According to data from the American Petroleum Institute, US crude supplies fell by about 3.3 million barrels in the week ended July 24.

The increase was widespread across major oil benchmarks: Brent futures rose $3.30, or 3.9%, to $87.39 a barrel, while West Texas Intermediate (WTI) crude climbed $3.05, or 3.8%, to $82.31 a barrel.