Oil tanks
Oil prices extended gains today, July 29, rising more than 4% amid by escalating military tensions in the Middle East, the continued decline in shipping traffic in the Strait of Hormuz , and ahead of US crude inventory data. 
The US military announced it had intercepted a missile launched by Iran targeting its forces in the region, Reuters reported.
UBS analyst Giovanni Staunovo told Reuters that renewed military strikes in the Middle East, along with Iranian officials’ insistence on maintaining control over shipping in the Strait of Hormuz, are supporting higher crude prices.
Data from the American Petroleum Institute showed that US crude oil inventories fell by 3.3 million barrels in the week ending July 24, while markets await official data from the Energy Information Administration later today.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
04.88
3.95
4.75%
WTI (September delivery)
82.76
3.50
4.42%
Oil tanks
Oil prices extended gains today, July 29, rising more than 4% amid by escalating military tensions in the Middle East, the continued decline in shipping traffic in the Strait of Hormuz , and ahead of US crude inventory data.
The US military announced it had intercepted a missile launched by Iran targeting its forces in the region, Reuters reported.
UBS analyst Giovanni Staunovo told Reuters that renewed military strikes in the Middle East, along with Iranian officials’ insistence on maintaining control over shipping in the Strait of Hormuz, are supporting higher crude prices.
Data from the American Petroleum Institute showed that US crude oil inventories fell by 3.3 million barrels in the week ending July 24, while markets await official data from the Energy Information Administration later today.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
04.88
3.95
4.75%
WTI (September delivery)
82.76
3.50
4.42%
