Shafaqna English– Crude oil prices moved higher on Friday(31 Jul 2026) and continued to show positive momentum for the monthly period, following news that a number of tankers had been compelled to reverse course in the Strait of Hormuz. The reports prompted traders to re-evaluate shipping logistics through the critical maritime route, raising concerns about potential supply disruptions.
By 1329 GMT, Brent crude futures had climbed by $1.31, representing a 1.47% gain, to reach $90.34 per barrel. At the same time, U.S. West Texas Intermediate (WTI) crude posted a larger increase of $1.95, or 2.33%, pushing its price to $85.54 per barrel. The gains reflected the market’s heightened sensitivity to geopolitical risks in the Middle East.
Source: Reuters