Oil posts 20% July surge as US-Iran war rattles supplies
Why it matters: Brent hovered near $88 and tanker attacks from the Gulf to the Black Sea deepened fears of a wider energy shock.
Oil headed for its biggest monthly gain since March after the US-Iran war drove fresh supply fears across key shipping routes. Brent traded near $88 a barrel on July 31, up about a fifth for the month, while West Texas Intermediate held around $82 after swinging sharply through the week. The latest US and Iranian strikes added to market anxiety even as traffic through the Strait of Hormuz appeared to improve. Traders were also tracking a Houthi blockade targeting Saudi Arabia in and around the Red Sea and renewed tanker attacks linked to the Caspian Pipeline Consortium terminal, a key outlet for Kazakhstan crude. The IMF has warned the Middle East oil shock could still push the global economy toward recession if Hormuz does not reopen quickly.