Oil Prices Surge on Fresh Middle East Strikes and API Crude Draw - Crude Oil Prices Today | OilPrice.com

What the report says

OilPrice.com reported that crude prices jumped in early Asian trading Wednesday after renewed Middle East fighting and a supportive U.S. inventory report revived concerns about supply risk. In the report by Josh Owens, dated July 28, 2026, Brent crude was listed at $87.95 a barrel, up 4.59%, while West Texas Intermediate was at $82.89, up 4.58% at the time of writing.

According to the publisher, the rebound reversed part of Tuesday’s selloff, which had followed a brief easing in tensions after the U.S. ended 13 straight nights of attacks on Iran the previous Thursday. OilPrice.com said hopes for diplomacy were set back after U.S. Central Command reported that Iranian forces fired multiple ballistic missiles at U.S. bases in the region. CENTCOM said the missiles were intercepted and no U.S. positions were hit.

The report said CENTCOM later stated that U.S. and Saudi forces struck several logistics and weapons sites in eastern Iraq. OilPrice.com noted that the U.S. did not hit targets inside Iran, but the renewed military activity brought back some of the geopolitical risk premium that had recently faded from crude prices.

OilPrice.com also cited American Petroleum Institute figures showing U.S. crude inventories fell by about 3.3 million barrels the prior week. The report added that the Strategic Petroleum Reserve released 3.7 million barrels, bringing it to its lowest level since March 1983. Inventory draws can support prices because they suggest tighter available supply, while conflict in the Middle East can raise fears about disruptions to energy flows.