Oil Prices Jump Over 3% as US-Saudi Strikes in Iraq Raise Iran Tensions

Brent crude rose $2.68, or 3.27%, to $84.76 per barrel on July 29, 2026, while WTI front-month futures (the nearest-expiry oil contracts) sat near $81.97. Reuters linked the rally to US-Iran tensions after joint US-Saudi military strikes in Iraq. Markets saw escalation, not a one-off. Whether oil's risk premium holds depends on further strikes.