July 29, 2026
Oil prices climbed 9% before easing slightly, driven by a much larger-than-expected EIA crude draw and escalating Middle East tensions. U.S. commercial inventories fell 7.2 million barrels to their lowest level since 2018. U.S. and Saudi forces struck Iran-backed groups in Iraq after drone attacks on Saudi facilities; the U.S. intercepted an Iranian missile barrage; Iran targeted shipping in the Strait of Hormuz; and President Trump pledged retaliation, renewing supply concerns. Although the sharp inventory decline surprised the market, most of the price increase stemmed from the conflict with Iran and President Trump’s tone in his Fox News interview.
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.