Oil prices surge as Middle East tensions flare, Brent crude hits $87.39

Geopolitical risk premium returns to energy markets, reversing recent relief rallies driven by US-Iran diplomatic progress.

By Handelsavisen Newsroom · Automated 2026-07-29 04:31 UTC · 1 min read

Global crude oil prices jumped sharply on Wednesday, with Brent crude climbing to $87.39 per barrel.

The benchmark contract rose more than $3, marking a significant reversal from the previous session's retreat.

West Texas Intermediate (WTI) also posted strong gains, rising $3.

West Texas Intermediate (WTI) also posted strong gains, rising $3.05 or 3.8% to trade at $82.31 per barrel.

The rally was driven by escalating military tensions in the Middle East.

Traders quickly repriced supply disruption risks after reports indicated a deterioration in the security environment across the region.

This move undid much of the recent price correction that had occurred following news of progress in peace negotiations between US and Iranian officials.