Oil slips in Thursday trade as Brent falls 1.06 percent to $89.78

Oil prices gave back part of the previous session's gains in Thursday 30 July 2026 trading. Brent futures fell 96 cents, or 1.06 percent, to $89.78 a barrel, while US West Texas Intermediate fell 64 cents, or 0.76 percent, to $83.82. Brent had settled up 7.91 percent on Wednesday and WTI up 6.56 percent, one of the sharpest spikes of the war, reversing a 5 percent drop on Tuesday.

Wednesday's surge followed US President Donald Trump's threat to hit Iran "very hard", and strikes by the United States and Saudi Arabia on Iran-backed paramilitary forces in Iraq, the first time Saudi Arabia has publicly joined US air strikes. According to Reuters, the action was in retaliation for drone attacks on Saudi oil targets launched from Iraqi territory.

Supply flows are capping prices. Rystad Energy estimates about 13 million barrels a day of oil from the Persian Gulf region is still reaching markets, despite the near shutdown of the Strait of Hormuz since 28 February, through which around a fifth of global oil and gas previously passed. Yemen's Houthis have also imposed a naval blockade on Saudi Arabia in the Red Sea since 20 July.