Oil Prices Surge Amid Middle East Tensions; Stocks Slip

WHO:

Bloomberg Markets - The U.S. and Iran are involved in the ongoing conflict.

WHAT:

OilPrice.com - Oil prices had been tumbling since the U.S. brought an end to 13 consecutive nights of attacks on Iran last Thursday.

OilPrice.com - Traders will be watching any further military escalation closely while keeping an eye on the EIA’s inventory report due out later today.

OilPrice.com - Oil prices spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff.

OilPrice.com - Brent crude climbed to $87.95 per barrel, up 4.59%, while West Texas Intermediate was trading at $82.89, up 4.58%.

OilPrice.com - The American Petroleum Institute reported that U.S. crude stockpiles fell by approximately 3.3 million barrels last week.

OilPrice.com - The Strategic Petroleum Reserve released 3.7 million barrels, hitting its lowest level since March 1983.

OilPrice.com - Gasoline inventories rose by 918,000 barrels while distillate stocks increased by 355,000 barrels.

OilPrice.com - Oil prices spiked in early Asian trade, erasing a significant portion of Tuesday's selloff.

OilPrice.com - The U.S. Central Command (CENTCOM) reported that Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East in a surprise attack, which were successfully intercepted, and no U.S. positions were hit.

OilPrice.com - The U.S. and Saudi forces conducted “precision strikes” against “multiple terrorist logistics and weapons sites across eastern Iraq.”

OilPrice.com - Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East in a surprise attack, which were successfully intercepted, and no U.S. positions were hit.

OilPrice.com - U.S. Central Command (CENTCOM) reported that U.S. and Saudi forces conducted “precision strikes” against “multiple terrorist logistics and weapons sites across eastern Iraq.”

OilPrice.com - Brent crude climbed to $87.95 per barrel, up 4.59%, while West Texas Intermediate was trading at $82.89, up 4.58%.

OilPrice.com - The American Petroleum Institute reported that U.S. crude stockpiles fell by approximately 3.3 million barrels last week.

OilPrice.com - The Strategic Petroleum Reserve released 3.7 million barrels, hitting its lowest level since March 1983.

OilPrice.com - Gasoline inventories rose by 918,000 barrels while distillate stocks increased by 355,000 barrels.

Bloomberg Markets - Crude oil prices jumped after fighting erupted in the Middle East, reviving concerns over energy supplies.

ABC News US - Oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end their war.

Bloomberg Markets - The conflict in the Middle East is now in its sixth month.

Bloomberg Markets - Crude oil prices surged following an attack by Iran.

Bloomberg Markets - U.S. equity-index futures fell amid rising tensions.

ABC News US - Stocks on Wall Street closed mixed as oil prices dropped after a pause in attacks.

WHERE:

Bloomberg Markets - The events are occurring in the Middle East.

ABC News US - Wall Street is the location for the stock market activity.

WHEN:

ABC News US - Negotiations to end the war are set to resume on a future date.

WHY:

Bloomberg Markets - The resurgence of fighting in the Middle East has reignited concerns over energy supplies.

HOW:

OilPrice.com - If the EIA confirms a crude draw or if further strikes take place in the Middle East, prices are expected to continue climbing.

OilPrice.com - The renewed fighting ended a short-lived pause in hostilities that had seen the geopolitical risk premium unwind somewhat.

OilPrice.com - U.S. Central Command (CENTCOM) reported that Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East, which were successfully intercepted.

ABC News US - The U.S. and Iran paused their attacks to facilitate the resumption of negotiations.

(UPDATED July 29, 2026 22:22 UTC)

Oil prices have been falling since the U.S. ended a series of attacks on Iran last Thursday. Traders are closely monitoring the situation for any potential military escalation, as well as the EIA’s inventory report expected later today. If the EIA confirms a crude draw or if additional strikes occur in the Middle East, prices are likely to rise again.

(UPDATED July 29, 2026 18:22 UTC)

Oil prices surged in early Asian trading, recovering much of the losses from the previous day, with Brent crude rising to $87.95 per barrel and West Texas Intermediate reaching $82.89. The American Petroleum Institute reported a significant drop in U.S. crude stockpiles, down approximately 3.3 million barrels, while the Strategic Petroleum Reserve fell to its lowest level since March 1983 after releasing 3.7 million barrels. Additionally, gasoline inventories increased by 918,000 barrels and distillate stocks rose by 355,000 barrels amid renewed geopolitical tensions that interrupted a brief pause in hostilities.

(UPDATED July 29, 2026 15:37 UTC)

Oil prices surged in early Asian trading, recovering much of the losses from Tuesday's selloff. In a surprise attack, Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East, but these were successfully intercepted, leaving no U.S. positions damaged. Meanwhile, U.S. and Saudi forces carried out precision strikes against several terrorist logistics and weapons sites in eastern Iraq, marking a significant escalation in hostilities after a brief lull.

(UPDATED July 29, 2026 14:44 UTC)

Iranian forces launched a surprise attack, firing multiple ballistic missiles at U.S. bases across the Middle East, but U.S. defenses successfully intercepted them, resulting in no damage to American positions. In response, U.S. Central Command reported that U.S. and Saudi forces carried out precision strikes against several terrorist logistics and weapons sites in eastern Iraq. This renewed fighting marks the end of a brief pause in hostilities, which had previously led to a slight easing of geopolitical tensions.

(UPDATED July 29, 2026 07:55 UTC)

Brent crude oil prices have surged to $87.95 per barrel, marking a 4.59% increase, while West Texas Intermediate is trading at $82.89, up 4.58%. In related news, the American Petroleum Institute has reported a significant drop in U.S. crude stockpiles, falling by approximately 3.3 million barrels last week, and the Strategic Petroleum Reserve has released 3.7 million barrels, reaching its lowest level since March 1983. Additionally, U.S. Central Command has confirmed that Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East, all of which were successfully intercepted.

(UPDATED July 29, 2026 01:28 UTC)

Crude oil prices surged as fighting erupted in the Middle East, raising fresh concerns about energy supplies. However, oil prices later fell when the U.S. and Iran paused their attacks and began working on restarting negotiations to end their ongoing war. The conflict in the region has now entered its sixth month.

(UPDATED July 29, 2026 00:18 UTC)

Tensions between the U.S. and Iran have escalated, leading to a surge in crude oil prices following an attack by Iran. As a result, U.S. equity-index futures have fallen, while Wall Street saw mixed stock performance after a brief pause in attacks allowed for negotiations to resume on a future date. The resurgence of fighting in the Middle East has raised significant concerns over energy supplies, prompting these developments in the markets.