# Brent crude climbs to $90.24 as July oil price surge tops 26%

**Published:** 2026-08-01T09:38:23.102Z  
**Topic:** Inflation  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/a70cd454-926b-4742-8e1c-8229846317d4

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% |

## Oil price drivers  
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】.  

## Global inflation snapshot  
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.  

## What to watch  
- **Upcoming CPI releases**: The next major inflation data points from the U.S. and the Eurozone, scheduled for early September, will test whether demand‑side pressures support further oil price gains.  
- **OPEC+ meeting**: Any production adjustments announced at the OPEC+ summit later this month could either cushion or amplify the current price trajectory.  
- **Geopolitical developments**: Further incidents in the Strait of Hormuz or the Red Sea could tighten shipping routes and push Brent higher.  

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.

## Sources
1. Tradingeconomics — [Brent crude oil - Price - Chart - Historical Data - News](https://tradingeconomics.com/commodity/brent-crude-oil)
2. The Valdosta Daily Times — [ISP Global Capital Sets $10 Price Target for Fort Technology (NASDAQ: FRTT)...](https://pr.valdostadailytimes.com/article/ISP-Global-Capital-Sets-dollar10-Price-Target-for-Fort-Technology-NASDAQ-FRTT-Driven-by-Data-Center-Expansion/6a6798c90b3f8c67775202e1)
3. Cpiscope — [About Us | Global Price Trends | Inflation Data for Every Economy](https://cpiscope.com/about-us)
4. The Motley Fool · via AOL — [Bitcoin vs. XRP: Which Is the Better Long-Term Buy?](https://www.aol.com/articles/bitcoin-vs-xrp-better-long-092000726.html)

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Cite as: TrendWatcher, "Brent crude climbs to $90.24 as July oil price surge tops 26%", https://www.trendwatcher.in/article/a70cd454-926b-4742-8e1c-8229846317d4