Oil Prices Today

Oil Prices Today: Brent Near $88, WTI Near $82 as Crude Heads for Roughly 20% July Gain

At 0752 GMT on July 31, Brent crude eased to about $88 a barrel and WTI to about $82, but the market still headed for roughly a 20% monthly gain. Fox Energy reviews the latest EIA inventory data and OPEC demand outlook for U.S. investors and mineral owners.

Jeff Gaston

— 3 min read
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Oil Prices Today: Brent Near $88, WTI Near $82 as Crude Heads for Roughly 20% July Gain

NEWS / NEWS

Oil Prices Today: Brent Near $88, WTI Near $82 as Crude Heads for Roughly 20% July Gain

At 0752 GMT on July 31, Brent crude eased to about $88 a barrel and WTI to about $82, but the market still headed for roughly a 20% monthly gain. Fox Energy reviews the latest EIA inventory data and OPEC demand outlook for U.S. investors and mineral owners.

By Jason Gilbert
Founder & CEO, Fox Energy Partners

At 0752 GMT on Friday, July 31, oil prices were softer in early trading, but crude was still on track to finish July with a gain of roughly 20%. The Wall Street Journal reported front-month Brent down 1.1% to $88.09 a barrel and WTI down 1.4% to $82.42 a barrel, while Barron's independently matched the same price move.

For U.S. investors, that keeps the focus on export routes, refinery demand, and inventory draws rather than on a clean reversal lower. For mineral owners, stronger benchmark prices can help operator cash flow and drilling sentiment, but royalty outcomes depend more directly on each lease's realized pricing, basis differentials, transport costs, and production volumes than on Brent alone.

Key Takeaways

  • +The Wall Street Journal: Oil Slips But Remains on Track for Monthly Gain of Around 20%
  • +Barron's: Oil Slips But Remains on Track for Monthly Gain of Around 20%
  • +U.S. Energy Information Administration: Weekly Petroleum Status Report overview, release date July 29, 2026

Why prices were softer Friday morning

The same July 31 market reports tied the softer trade to a modest increase in tanker traffic through the Strait of Hormuz and Saudi plans for a multinational maritime defense effort aimed at protecting shipping. Those reports also said risk remained elevated after a drone strike at Egypt's Damietta port renewed concern about Suez-linked shipping.

What the latest EIA data says

The U.S. Energy Information Administration's Weekly Petroleum Status Report overview, released July 29 for the week ended July 24, showed commercial crude inventories falling 7.2 million barrels to 404.5 million. EIA also reported refinery utilization at 97.2% and domestic crude production at 13.796 million barrels per day. That combination suggests refinery demand stayed firm even as inventories tightened.

What OPEC's outlook adds

OPEC's Monthly Oil Market Report kept its 2026 world oil demand forecast at 106.28 million barrels per day, up 1.28 million barrels per day from 2025. OPEC also showed non-DoC liquids supply rising by an expected 0.8 million barrels per day in 2026 to 54.8 million barrels per day. That does not remove near-term volatility, but it does support the case that Friday's pullback was happening inside a market that still expects substantial global consumption.

What to watch next

The next question is whether Friday's early weakness turns into a broader risk-off move or remains a trim to the market's geopolitical premium. If shipping flows stay uneven and U.S. inventories remain tight, North American producers could still benefit from comparatively strong crude realizations versus the start of the month.

Sources

Trust & Review

  • Author: Jason Gilbert
  • Reviewer: Founder & CEO, Fox Energy Partners
  • Last updated: 7/31/2026
  • Workflow: hybrid

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