Oil prices increased on Wednesday, July 29th, 2026, as tensions between the United States and Iran escalated once again. The international benchmark Brent crude traded at approximately $91 per barrel by late afternoon, rising from a low of about $83 earlier in the week. Despite this increase, prices remain below recent highs of $101 per barrel seen last week before a ceasefire.
The price surge followed Iran's missile attack on a US military base in Jordan. In response, President Trump declared he would “beat the f‑‑‑ing s‑‑‑ out of” Iran.
Meanwhile, the average gasoline price in the United States was reported at about $4.09 per gallon on Wednesday, according to AAA.
These developments highlight the ongoing volatility in oil markets linked to geopolitical conflicts in the Middle East.
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