De-escalation of Middle East tensions following the June 2026 U.S.-Iran memorandum of understanding reopened the Strait of Hormuz, removing a significant supply-disruption premium that had pushed WTI above $100 per barrel earlier in the year. This shift, combined with OPEC+ output increases totaling roughly 188,000 barrels per day from August and rising global inventories, drove July 2026 WTI settlements into the low-to-mid $80s, with a monthly close near $84.25 amid softer demand and EIA forecasts for Brent averaging $74 per barrel in Q3. Traders priced in further downside from potential surplus conditions, tempered by any renewed geopolitical volatility or unexpected demand recovery.
Experimental AI-generated summary referencing Polymarket data. This is not trading advice and plays no role in how this market resolves. · UpdatedRenewed US military strikes on Iran push crude oil prices down below $84
↓ $80 drops to 10%14%
On July 30, crude oil prices fell below $84 a barrel after surging 6.6% in the previous session, amid renewed US military action against Iran and attacks on oil infrastructure, increasing market volatility and supply concerns.
WTI Futures Open at $79.11 Amid Volatile July Trading and Geopolitical Risks
↓ $80 rises to 34%4%
WTI futures opened at $79.11 per barrel on July 29, 2026, reflecting ongoing volatility driven by geopolitical tensions, supply-demand dynamics, and macroeconomic factors influencing the oil market throughout July.

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