Why did oil prices surge and then steady, according to the news?

Oil prices surged—West Texas Intermediate rallied nearly 7% in one session—due to President Trump’s vow of fresh strikes on Iran following an attack on US forces in Jordan, heightening geopolitical risk; prices then steadied as markets absorbed the escalation amid already-tight physical conditions, evidenced by the largest US commercial crude stockpile decline since mid-June and an 18th consecutive weekly drawdown in the Strategic Petroleum Reserve—to its lowest level since 1983.

What is the current status of US crude inventories and why does it matter for oil prices?

US commercial crude stockpiles posted their biggest decline since mid-June, while holdings in the Strategic Petroleum Reserve dropped for an 18th straight week to the lowest level since 1983; this sharp reduction reinforces signals of a tightening physical oil market—especially after months of Middle East conflict—and is cited in the article as a key factor supporting further upside in crude oil prices.

Oil Holds Gains as Trump Vows Strikes on Iran Amid US Stockpile Slump

Jul 29, 2026

Oil prices steadied above $84 per barrel following threats of strikes on Iran, while US commercial crude stockpiles fell significantly. Strategic Petroleum Reserve holdings hit their lowest level since 1983, indicating tight energy markets.

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