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WAM reported that global oil prices settled higher on Monday with Brent crude futures rising 1.44 percent to $84.79 per barrel. West Texas Intermediate crude futures also advanced during the session though specific closing levels varied across platforms. The gains came as traders assessed ongoing risks to oil supply from geopolitical developments in the Persian Gulf region.
An ABC News report from July 22 2026 placed Brent crude at $94.10 a barrel after a nearly 16 percent monthly climb. The publication attributed the prior surge to escalation in regional conflicts involving Iran. Prices have since moderated but remain elevated compared to earlier periods in the year.
According to a Reuters dispatch on August 12 2026 the U.S. Energy Information Administration recorded a 17.4 million barrel increase in American crude inventories for the week ended August 7. The EIA data put total crude stocks at 424.4 million barrels the highest level since June. U.S. crude exports fell to 3.06 million barrels per day in that period the lowest since November 2025.
The EIA’s Short-Term Energy Outlook issued in August 2026 forecasts Brent crude to average around $85 per barrel during the third quarter. The assessment cites reduced shipments through the Strait of Hormuz as a key factor keeping inventories tight globally. Global oil inventories declined by an average of 4.2 million barrels per day in the second quarter of 2026 the EIA assessment found.
Bloomberg figures from mid-August showed Brent crude trading near $88 per barrel with WTI around $82. The energy data provider highlighted continued sensitivity to news from the Middle East. Analysts monitor weekly inventory releases for indications of underlying supply and demand balances.
The New York Times reported on July 22 2026 that oil prices had gained about $10 a barrel over the previous week amid intensified fighting. Brent rose 3.3 percent in a single session to $94.07 a barrel on that day. The publication noted a 30 percent increase in crude costs since the start of related conflicts.
