Global crude oil benchmarks closed July with their most significant monthly rally since March, as persistent supply concerns continued to drive prices higher.
Brent crude surged 24% over the month, while West Texas Intermediate (WTI) climbed 21%, marking a sharp reversal from earlier periods of volatility.
The gains reflect sustained market anxiety over potential supply disruptions, particularly in key shipping corridors.
Traders have been pricing in elevated risk premiums as geopolitical tensions show no signs of abating, keeping a lid on any potential pullback in energy prices.
The rally extends a recovery trend that began earlier in the week, with both benchmarks reaching their highest levels in four weeks.
This monthly performance underscores the market's sensitivity to geopolitical developments.