Brent Crude Oil Prices man

Brent crude oil prices averaged USD 84.01 per barrel in July, down 0.6% from June. On 31 July, the commodity traded at USD 90.11 per barrel, up 23.5% from 30 June.

Brent prices fell at the quickest speed since the pandemic in June after the U.S. and Iran agreed to reopen the Hormuz Strait, with oil tanker traffic peaking at 64% of prewar levels. The deal’s subsequent collapse has since pushed that figure down to nearly zero, and Houthi attacks on Saudi oil installations on the Red Sea coast—now the country’s main export route—have further hit global supply. Still, oil prices didn’t rise as analysts banked on hopes of a fresh U.S.-Iran deal to reopen the Hormuz Strait.