Crude Oil Prices Today: Brent Tops $92, WTI Near $85 as Iran Tensions Rise

Crude oil prices moved higher Thursday as renewed U.S. strikes on Iran revived concerns about Middle East production and shipping routes. Brent crude traded above $92 a barrel, while WTI held near $85 as falling U.S. inventories added support.

Brent Crude Extends Rally Above $92

Brent futures rose $1.48, or 1.6%, to $92.22 a barrel at 7:07 a.m. GMT on July 30. U.S. West Texas Intermediate crude gained 43 cents, or 0.5%, to $84.89 after both benchmarks settled roughly 7% to 8% higher Wednesday.

Oil prices jumped after the United States resumed attacks on Iran, ending a brief pause in strikes. The renewed escalation restored part of the geopolitical risk premium, which is the extra amount traders pay when conflict threatens production or transportation.

The supplied Brent crude chart shows prices recovering sharply from the low-$70 area reached in early July. Brent briefly approached $100 before pulling back and then rebounding toward $91.60.

The $90 area now serves as the first technical level to watch. Holding above it would keep the rebound intact and leave $95 and $100 as the next resistance zones. A drop below roughly $88 could weaken momentum and expose the mid-$80 range.

Brent Crude Oil Rebounds. Source: Axel Adler Jr (@AxelAdlerJr) on X

WTI Holds Above a Former Resistance Level

The WTI chart shared by Solom shows U.S. crude recovering from a July low near $68-$70 and moving back above the $80 level. The chart recorded WTI near $85.72 when it was captured early Thursday.

That recovery makes $80 an important support area. A sustained hold above it could allow WTI to retest $90, while a move below $80 would suggest the latest rally is losing strength. The chart also marks a much higher zone near $110, but current price action does not yet confirm a move toward that distant level.

WTI Crude Oil Chart.  Source: Solom (@SolomTrades) on X

Inventories Tighten, but Shipping Continues

U.S. crude inventories fell by 7.2 million barrels to 404.5 million barrels in the week ended July 24, according to the Energy Information Administration. The decline was much larger than the 1.3 million-barrel draw analysts expected and pushed commercial stocks to their lowest level since 2018.

Shipping data provides a counterweight to the supply fears. MarineTraffic said 53 confirmed vessels crossed the Strait of Hormuz and Bab el-Mandeb on July 28, including 12 Hormuz transits and 41 Bab el-Mandeb crossings. Continued traffic suggests the routes remain operational, although unusual routing and limited vessel visibility point to persistent risk.

Reuters also reported that a Qatari liquefied natural gas tanker passed through an Iran-designated Hormuz route with Iranian approval. However, the Caspian Pipeline Consortium suspended oil loadings after a drone attack on a tanker, adding another source of supply uncertainty.

OPEC+ will provide the next major policy test. Seven producers plan to add 188,000 barrels per day in August and are scheduled to review market conditions again Aug. 2.

For now, Brent remains supported above $90 and WTI above $80. Further gains will depend on whether the conflict disrupts actual oil flows rather than producing only temporary headline-driven price spikes.