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Crude oil futures settle sharply higher on escalating Middle East airstrikes

30 Jul 2026 Evaluate

Crude oil futures ended sharply higher on Wednesday following a sudden reversal in the gulf situation after Iran launched surprise attacks on U.S. bases in Jordan while joint U.S.-Saudi Arabian forces targeted Iran-linked militants in Iraq. Meanwhile, according to the data from American Petroleum Institute (API), U.S. crude oil inventories unexpectedly increased by 3,300,000 barrels for the week ending July 24, defying market expectations for a 2,500,00-barrel draw. 

Benchmark crude oil futures for September delivery increased by $5.20 or 6.56% to settle at $84.46 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was up by $6.65 or 7.91% to settle at $90.74 a barrel on the New York Mercantile Exchange.


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