FX.co ★ Crude Posts Best Monthly Gain Since March

Crude oil prices rose nearly 1% on Friday to close just below $85 a barrel, ending July with a gain of more than 20%—the strongest monthly advance since March. The rally has been driven by escalating geopolitical tensions and mounting concerns over global supply. Iran claimed it attacked two tankers transiting the Strait of Hormuz under US military escort, though Western maritime authorities have not confirmed the incident. Renewed frictions between the US and Iran, ongoing Houthi attacks in the Red Sea, and Saudi strikes on Iran-backed groups have all increased risks along critical shipping routes. Declining US crude inventories have added further upward pressure on prices. At the same time, attacks near Russia’s Black Sea oil export infrastructure, including the Caspian Pipeline Consortium (CPC) terminal, have heightened fears of potential disruptions to Kazakhstan’s oil exports, a key supply source for European refiners. Although the CPC has opted to maintain operations, persistent uncertainty over supply security continues to underpin higher oil prices.