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Oil jumps 3.5% on renewed Middle East tensions

By API User | July 29, 2026

Crude oil prices surged over 3.5% on Wednesday, after the United States and Iran resumed hostilities, exchanging attacks across the Middle East overnight, and renewing concerns over supply disruptions. The US military reported earlier that Tehran launched several ballistic missiles at US troops in the region, after which the US Central Command (CENTCOM), together with Saudi Arabia, jointly targeted “Iran-aligned terrorists” in Iraq. West Texas Intermediate (WTI) for deliveries in September jumped 3.78% to sell for $82.23 per barrel at 2:23 am ET. At the same time, Brent for the same month’s settlements increased by 3.82%, going for $87.30 per barrel.