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Brent hits $90.24 per barrel, up 3.87% daily, 26.09% month‑on‑month and 29.52% YoY, while global CPI data show mixed inflation trends – see the numbers that
Brent crude oil settled at $90.24 a barrel on July 31, 2026, a 3.87% jump from the previous day and a 26.09% rise over the month, putting the benchmark up 29.52% versus the same date last year【1】. The surge comes amid heightened geopolitical risk and a backdrop of divergent inflation readings across major economies.
| At a glance | |
|---|---|
| Price | $90.24 per barrel |
| Daily change | +3.87% |
| Monthly change | +26.09% |
| YoY change | +29.52% |
The July price rally reflects a confluence of supply‑side pressures. Iran reported attacks on two tankers in the Strait of Hormuz, while the United States and Iran have renewed hostilities, and Houthi strikes continue in the Red Sea. Parallel concerns include Saudi strikes on Iran‑aligned groups and attacks near Russia’s Black Sea export terminals, which threaten Kazakhstan’s oil flow to Europe. Falling U.S. crude inventories have added further upward pressure, reinforcing the market’s risk‑off bias toward higher prices【1】.
Across the world, inflation readings are mixed. The United States CPI rose 3.4% year‑on‑year, up 0.2 percentage points from the prior month, while Germany’s CPI slipped to 2.2% (down 0.4pp) and the United Kingdom’s CPI fell to 2.8% (down 0.3pp). Japan and France posted CPI declines of 2.7% (‑0.2pp) and 2.1% (‑0.3pp) respectively. China’s CPI edged higher to 0.4% (+0.3pp) and India’s CPI eased to 4.9% (‑0.1pp). The Eurozone HICP stood at 2.3% (‑0.4pp)【3】. These figures illustrate divergent price pressures that can influence demand for energy commodities, including oil.
The Brent rally underscores how geopolitical risk and inventory dynamics can outweigh mixed inflation trends, leaving markets to watch both supply shocks and upcoming macro data for clues on the oil market’s near‑term direction.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Aug 1, 2026 · How we report
The annual rate of inflation, as measured by the Consumer Price Index, was 3.4% in August 2026. This figure remained unchanged from the annual rate reported for July 2026.
Inflation is a primary factor for the Federal Reserve because the central bank maintains a 2% annual target for price increases. When inflation remains above this target, as it did in August 2026 at 3.4%, policymakers consider raising interest rates to help moderate economic price pressures.
Energy prices impact inflation by directly increasing the cost of goods and services, with gasoline price hikes accounting for over one-third of the total monthly index increase in August 2026. Rising costs for oil and diesel, influenced by geopolitical tensions in the Middle East, can also create broader inflationary pressure across other sectors of the economy.
Core inflation is different from overall inflation because it excludes volatile food and energy prices to provide a clearer view of long-term price trends. In August 2026, core inflation rose 2.4% annually, which was lower than the 3.4% headline inflation rate.