What is the monthly percentage gain for West Texas Intermediate (WTI) oil, and what geopolitical event is driving this surge?

West Texas Intermediate (WTI) oil is on track for a monthly surge of about 21%, as stated in the title and confirmed by the body: 'the US crude marker has soared by about a fifth.' This sharp rise is directly attributed to the escalation of the US-Iran war, which has strained global oil supply and triggered volatility across energy markets.

How have recent military developments involving the US, Iran, the Houthis, and Saudi Arabia affected oil market dynamics and shipping routes?

The US and Iran exchanged strikes on Thursday, collapsing a fragile pause in hostilities; simultaneously, Yemen-based Houthi militants—backed by Iran—imposed a blockade on Saudi Arabia, prompting Riyadh to convene military representatives from 43 countries to form a naval alliance aimed at protecting navigation, particularly through the Strait of Hormuz. Although shipping through the Strait of Hormuz has recently picked up, the broader conflict—including Saudi and US joint strikes against Iran-backed groups in Iraq—has intensified supply concerns, contributing to oil’s double-digit gains in July and sustained upward pressure on prices.

Oil Heads for Monthly Surge of 21% as US-Iran War Strains Supply

Jul 30, 2026

Oil prices surged roughly 21% this month as US-Iran tensions strained supply, with WTI near $84 and Brent around $89 per barrel. The IMF warns the Middle East oil shock risks tipping the global economy into recession.

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