Oil Prices Surge as Iran War Escalates, Commodities Markets in Turmoil

에너지/원자재 | Thu Jul 30 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 7 sources

Brent crude broke above $90 amid the reignited US-Iran war, while US crude inventories plunged sharply and uranium and coal commodity markets showed diverging trends.

Analysis

[Brent Crude] broke back above $90 per barrel following Iranian missile attack ^[6]

Brent surged 7.9% to close at $90.74
WTI rose 6.6% to settle at $84.46
Triggered by Iranian Revolutionary Guard missile strike on US base in Jordan

[Donald Trump] vowed massive retaliatory strikes against Iran ^[7]

Declared strong retribution for Iran's surprise attack
Broke two-day ceasefire
reigniting the war
US and Saudi forces jointly struck pro-Iran militias in Iraq

[US Crude Inventories] plunged to critical levels ^[3]^[2]

Larger-than-expected inventory drawdown
Concerns over weakened supply capacity to Asia and Europe
Historic fuel shortage situation ongoing

[USO Oil ETF] surged 58% since the Iran war began ^[1]

More than double the return of WTI crude futures
Investor inflows shifting from futures to ETFs

[Strait of Hormuz] faced maritime blockade attempts by Iran and Houthi rebels ^[6]

Iran repeatedly attacked oil tankers
Houthi rebels declared maritime blockade against Saudi Arabia
Saudi Arabia rerouting exports via Red Sea Yanbu pipeline

[Cameco / Uranium] projected 140% demand surge by 2050 driven by AI data centers ^[4]

Uranium price approaching $100 per pound
Global nuclear capacity forecast to grow from 394 GWe to up to 900 GWe
Cameco stock up over 1
000% since 2020

[Peabody Energy] stock plunged 10% on weak earnings ^[5]

Q2 net loss widened to $90.6M
Revenue of $1B missed consensus
Expectations for increased output at Australia's Centurion mine

Oil Prices Surge as Iran War Escalates, Commodities Markets in Turmoil

Analysis

Sources