Overview
- Brent futures jumped over 8% on July 29, trading near $91 a barrel on ICE as traders priced a growing risk premium for Middle East supply disruptions.
- Iran’s Islamic Revolutionary Guard Corps said it launched ballistic missiles at a U.S. air base and CENTCOM facilities in Jordan and U.S. Central Command said it intercepted the attack.
- President Donald Trump warned of strong retaliation while U.S. forces partnered with Saudi units to carry out strikes on Iran-backed militias and weapons sites in Iraq.
- Maritime traffic fell sharply with Strait of Hormuz transits plunging and Houthi militants declaring a Red Sea blockade, which raises insurance and rerouting costs for crude shipments.
- Falling U.S. crude stocks of about 3.3 million barrels for the week and OPEC+ production choices have tightened near-term supply, sending fuel prices higher and prompting market volatility.