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Settlement data from August 1 showed Brent crude futures rising $1.09 to end the session at $90.12 a barrel while West Texas Intermediate gained $1.08 to settle at $84.67. The advances represented increases of 1.2 percent for Brent and 1.3 percent for WTI in the daily trading. Market observers noted that the move pushed Brent above the key psychological level of $90 for the first time in several weeks. This development comes as traders assess the latest signals from key oil producing regions.
Figures for the month of July indicate that Brent posted a 24 percent gain while WTI rose 21 percent, marking the strongest monthly performance for both contracts since March. These substantial increases reflect a significant rebound in the energy sector following earlier volatility tied to global events. Analysts have pointed to sustained concerns over supply security as a key element behind the upward trajectory.
A series of Reuters reports throughout June and July highlighted how escalating tensions between the United States and Iran have repeatedly impacted oil pricing. Bloomberg documented in March how Brent first surpassed $100 a barrel that year amid major disruptions in the Persian Gulf that trapped millions of barrels of supply. The latest price action on August 1 appears to build on those dynamics as fresh developments in the region add to market uncertainty. Industry participants continue to monitor the situation for any signs of further escalation or de-escalation.
According to a July 26 Reuters update, Brent had previously settled at $88.36 after an 8.7 percent weekly decline, illustrating the volatility that has characterized trading this summer. Goldman Sachs analysts maintained in June that Brent could average $90 in the fourth quarter of 2026 depending on how long disruptions persist. HSBC revised its 2026 forecast downward to $80 per barrel in early July while assuming a normalization of Gulf exports by September.
The interplay of geopolitical risks and supply fundamentals has kept oil prices elevated even as some forecasts suggest potential moderation later in the year. Reports from energy market trackers have emphasized the role of reduced shipments through the Strait of Hormuz and related chokepoints in supporting current levels. Observers expect continued sensitivity to any new statements or incidents involving major players in the Middle East.
Energy sector data further reveals that US crude inventories fell more than expected in recent weeks according to EIA figures referenced in multiple reports. This draw combined with OPEC+ production restraint has provided a floor under prices during the current cycle. Market participants remain watchful for the next monthly oil forecasts that could influence trading in the coming days.
