Market Overview

As of 06:10 ET (10:10 GMT) on 30 July 2026, Brent crude futures, the global oil benchmark, were up 0.4% at $91.14 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 0.1% to $84.50 per barrel. Both contracts had surged the previous day on renewed Middle‑East violence.

Geopolitical Developments

The U.S. military reported a heavy wave of strikes early Thursday against dozens of Islamic Revolutionary Guard Corps (IRGC) targets across Iran, including military command centres, missile and drone facilities, and coastal surveillance and defence sites. The strikes followed Iran’s launch of ballistic missiles toward U.S. forces in the Middle East, which were intercepted. In response, U.S. and Saudi forces carried out retaliatory strikes against Iran‑backed militias in Iraq that Washington said were involved in attacks on American troops and Saudi energy infrastructure. President Donald Trump told Fox News that Iran would be hit “hard” after the missile attack on U.S. forces in Jordan.

The conflict also spread beyond the Gulf. Egyptian authorities reported drone strikes on two natural‑gas vessels operating off Egypt’s coast. In Yemen, the Iran‑aligned Houthis intensified attacks on commercial shipping and Saudi‑linked energy assets around the Red Sea and Bab el‑Mandeb Strait, attempting to enforce a naval blockade that could raise shipping costs and insurance premiums. The Bab el‑Mandeb is a critical chokepoint linking the Red Sea to the Gulf of Aden, handling millions of barrels of crude and refined products daily. Traffic through the Strait of Hormuz remained well below normal levels.

Supply‑Side Data

The U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell by 7.2 million barrels last week, the lowest level since 2018, defying analysts’ expectations of a 700,000‑barrel rise and reinforcing expectations of tighter near‑term supplies in the world’s largest oil consumer. Gasoline inventories were virtually unchanged at 211.3 million barrels, while distillate fuel inventories (including diesel and heating oil) rose by 1.1 million barrels.

Publication Details

The article, authored by Scott Kanowsky for Reuters, was published on 30 July 2026 at 06:26 am and updated at 04:00 pm the same day.