Oil Prices Today: Brent Near $88, WTI Near $82 as Crude Heads for Roughly 20% July Gain
At 0752 GMT, Brent and WTI softened in early July 31 trading, but crude still headed for a strong monthly gain as traders balanced shipping risk against fresh EIA and OPEC data.
Jason Gilbert
Founder & CEO, Fox Energy Partners
Key Takeaways
- At 0752 GMT on July 31, market coverage showed Brent at $88.09 a barrel and WTI at $82.42, both lower on the day.
- Even with Friday's pullback, crude was still tracking for roughly a 20% monthly gain in July.
- EIA reported commercial crude inventories down 7.2 million barrels to 404.5 million, with refinery utilization at 97.2%.
- OPEC still sees 2026 world oil demand at 106.28 million barrels per day, which helps explain why traders have not fully priced out supply risk.
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.
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
- 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
- OPEC: Monthly Oil Market Report
- OPEC: World oil supply outlook
Frequently Asked Questions
Where were oil prices in early July 31 trading?
At 0752 GMT, The Wall Street Journal reported front-month Brent at $88.09 a barrel and WTI at $82.42. Barron's independently matched the same early-session move.
What did the latest EIA report show?
EIA said commercial crude inventories fell 7.2 million barrels to 404.5 million for the week ended July 24, while refinery utilization reached 97.2% and domestic crude production was 13.796 million barrels per day.
Why does this matter for mineral owners?
Higher benchmark prices can support producer cash flow and drilling plans, but royalty income depends on local realized prices, lease terms, deductions, transport costs, and actual production volumes.
Sources
Jason Gilbert
Founder & CEO, Fox Energy Partners