Brent Crude Jumps 3.27% to $84.76 After US-Saudi Strikes in Iraq Escalate Iran Tensions

Brent crude surged $2.68, or 3.27%, to $84.76 per barrel on July 29, 2026, while WTI front-month futures traded near $81.97. Reuters attributed the broad-based crude rally to escalating US-Iran tensions after joint US-Saudi military strikes in Iraq. The market read the action as a direct escalation of the US-Iran confrontation, not a contained bilateral operation. Whether the risk premium persists hinges on whether follow-on strikes follow.