Oil is trading up nearly 3% on Thursday, 30 July, having already surged approximately 8% in the previous session, pushing prices back above the $90-per-barrel mark. Tensions in the Middle East remain elevated after the United States launched a fresh round of strikes on a series of military targets in Iran overnight, while stopping short of hitting critical infrastructure such as bridges or energy facilities.
Brent crude — the European benchmark — was up 2.70% at $93.19 per barrel in morning trading, while West Texas Intermediate (WTI) — the US benchmark — gained 1.26% to $85.53 per barrel. Amsterdam-traded natural gas, meanwhile, slipped 0.7% to €60.12 per megawatt hour.
“Markets rushed ahead on hopes of renewed peace, especially given Iran’s insistence on controlling the Strait of Hormuz as part of any potential deal,” said Bart Melek, Global Head of Commodity Strategy at TD Securities, speaking to Bloomberg. “We continue to see reduced flows and a tightening of the global energy market,” he added.
Energy markets have been gripped by severe volatility throughout the week. A pause in attacks over the previous weekend had raised investor hopes that peace negotiations could resume following a period of open hostilities between Washington and Tehran. US President Donald Trump had even signalled a willingness to return to the negotiating table with Iran, but those prospects appeared to collapse after a new wave of strikes over the past two days.
The conflict is also broadening. Yemen’s Houthi rebel group has been targeting vessels carrying Saudi crude in the Red Sea, while Saudi Arabia has joined the United States in a coordinated offensive in Iraq against what both governments described as militants backed by the Islamic Republic.
In the United States, crude inventories have fallen to their lowest level since 2018, reinforcing signals that the market is feeling the full impact of Middle East supply disruptions. Transits through the Strait of Hormuz remain minimal, with only a handful of vessels managing to pass through with their location transponders switched off, while Red Sea shipping traffic has dropped to multi-month lows.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/07/30/mercados/commodities/commodities-commodities/petroleo-acelera-quase-3-com-nova-onda-de-ataques-a-assolar-o-medio-oriente/
