Oil prices surge amid Middle East attacks

oil price surge Middle East escalation Brent $90 U.S. crude inventories Strait of Hormuz traffic

Oil prices jumped 6‑7% after a fresh wave of attacks in the Middle East. Brent crude traded above $90 a barrel while US West Texas Intermediate was around $84‑85. U.S. data showed crude inventories fell by 3.3 million barrels, according to the American Petroleum Institute, and EIA figures later reported a drop of 7.2 million barrels to 404.5 million barrels – the lowest level since 2018.

U.S. and Saudi forces struck Iran‑backed militia sites in Iraq, and the Iranian Revolutionary Guard Corps announced missile launches at a U.S. base in Jordan, a claim the United States denied. Saudi Arabia said it is discussing a 43‑nation alliance to protect Red Sea shipping. Tanker traffic through the Strait of Hormuz remained minimal – only two ballast vessels were recorded – while Bab al‑Mandeb saw about 25 commodity ships, including two super‑large crude tankers, pass.

European equity markets were mixed, with modest gains on most indices but the German DAX slipping. Traders also watched for the upcoming OPEC+ meeting, which could influence future supply.

Entities: Brent crude · Brent crude oil · Brent crude oil · Christian Micic · Diesel · Energy Information Administration · Eurostat · Government of North Macedonia · Iran · Iran Islamic Revolutionary Guard Corps · North Macedonia · Saudi Arabia

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 2 SOURCES] WTI crude futures for September closed at $83.59 per barrel, down 1.03% on July 30. (existing claim)
[● 3 SOURCES] Iran said it is negotiating with Oman over the management of the Strait of Hormuz, but the waterway remains closed to commercial traffic. (existing claim)
[● 2 SOURCES] Brent crude futures for October settled at $86.88 per barrel, down 1.37% on July 30. (existing claim)
[● 6 SOURCES] Iran’s Islamic Revolutionary Guard Corps claimed to have attacked Al‑Azraq airbase in Jordan on July 30, which the United States denied. (belongs=true)
[● 4 SOURCES] U.S. Central Command reported redirecting 20 commercial vessels and disabling two in its naval blockade of Iran in the Persian Gulf by July 29. (belongs=true)
[● 2 SOURCES] The United States said it carried out an intense wave of attacks against Iran on July 30. (military action)
[● 2 SOURCES] Capital Economics warned that physical oil‑market conditions remain critical and could hit an inflection point early in Q4 if Hormuz flows do not resume. (existing claim)
[● 2 SOURCES] An LNG tanker crossed the Strait of Hormuz on July 30 with Iran’s permission. (existing claim)
[○ 1 SOURCE] A recovery to 50‑60 % of normal Hormuz flows could restore global oil oversupply.
[○ 1 SOURCE] Approximately 13 million barrels of oil per day continue to flow from the Gulf despite Hormuz disruptions.
[● 2 SOURCES] U.S. WTI crude price was around $81‑$85 per barrel at the same time.
[● 2 SOURCES] Brent crude price was around $87‑$88 per barrel at the end of the week.