- Brent settled at $90.12 a barrel and WTI at $84.67 on July 31, with Brent up 24% and WTI up 21% for the month.
- The Iran war has sharply curtailed traffic through the Strait of Hormuz, which previously carried about one-fifth of global crude oil and natural-gas supplies.
- Indian Oil sourced as much as 84% of its crude through spot purchases in the April-June quarter and raised Russian crude to as much as 54% of imports after the conflict disrupted Middle East supplies.
- U.S. commercial crude inventories fell to their lowest level since 2018, reinforcing the supply-driven oil rally.
Quotes
“The market has stopped trading the war and started trading the shipping data,”