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Crude oil futures settle higher amid escalating tensions in Middle East

01 Aug 2026 Evaluate

Crude oil prices ended higher on Friday amid escalating geopolitical tensions and mounting concerns over global oil supplies after Iran's military claimed conducting strikes on U.S. military assets in Bahrain and Kuwait. In addition, Iran reportedly targeted two U.S.-backed vessels transiting through the Strait of Hormuz.

Benchmark crude oil futures for September delivery increased by $1.08 or 1.29% to settle at $84.67 a barrel on the New York Mercantile Exchange. Brent crude for September delivery was up by $1.09 or 1.22% to settle at $90.12 a barrel on the New York Mercantile Exchange. 


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