Oil Prices Surge 20% Monthly Amid Middle East Tensions

Brent crude and West Texas Intermediate benchmarks are on track for a 20% monthly gain despite a 1% dip in prices recorded on July 31, 2026.

Brent crude is currently trading at $87.67 per barrel, while WTI is at $82.07, influenced by ongoing hostilities between Iran and the United States near the Strait of Hormuz.

Saudi Arabia has secured support from 14 countries, including Turkey and Egypt, for a new maritime defense coalition focused on the Gulf of Aden and Bab el-Mandeb Strait.