WTI Crude Oil Surges Above $84 Amid Trump-Russia Deadline Tensions
WTI crude oil prices rose above $84 per barrel on July 31, 2026, due to various factors. President Trump's shortened deadline for Russia has increased concerns about potential supply disruptions and new sanctions. The Strait of Hormuz, a key shipping route, remains vulnerable to attacks, further tightening markets.
OPEC+ plans to increase production by 188,000 barrels per day from September, but this may not be enough to offset the losses due to Middle East tensions and US sanctions on Russian exports. Tighter US crude inventories have also contributed to the price surge, with a 7.2 million barrel decline in commercial stocks.
The Technical Analysis section suggests that WTI prices could break out above $85.50, targeting $88.70 and $93.60. However, if support at $84.10 is lost, prices could fall to $81.90, $81.00, or $77.90.