Why the Latest Oil Rally May Be Far From Over - Crude Oil Prices Today | OilPrice.com

What the report says

OilPrice.com reported that crude markets rallied sharply in the week covered by its July 24, 2026 article, as simultaneous disruptions around the Strait of Hormuz and the Bab el-Mandeb raised concerns about global supply routes. The outlet said Brent and WTI each rose by about $10 per barrel during the week, with market attention focused especially on reduced tanker movements through Hormuz, a critical passage for Middle East oil exports.

The report said the Bab el-Mandeb disruption can be worked around by rerouting ships, but that such diversions lengthen voyages and increase transport costs. OilPrice.com linked the pressure to expectations that crude could move back above $100 per barrel as refiners seek replacement supplies and shipping risks push up the cost of moving oil.

The article also cited several related developments: OPEC+ was expected to consider another 188,000-barrel-per-day increase in September output targets at an August 2 meeting, part of an effort to reverse voluntary cuts from 2023. OilPrice.com said the group appeared to be moving ahead despite conflict-related risks involving Iran and threats to Red Sea shipping.

In the Red Sea, the report said Yemen’s Houthis claimed missile attacks on two Saudi-linked tankers, identified as the Encelia and Layla, while two China-owned tankers carrying Saudi crude reportedly continued through the Bab el-Mandeb. The broader significance is that pressure at both chokepoints can tighten available crude flows even when supply exists on paper, because insurance, routing delays and tanker availability all affect how quickly oil reaches refiners.