Oil Prices Dip as Trump Announces Gaza Breakthrough
Oil prices declined Friday following President Donald Trump's announcement of a Hamas disarmament deal, though benchmarks remain on track for 20 percent monthly gains.
Crude oil prices fell on Friday, July 31, 2026, as markets reacted to improved tanker movements through the Strait of Hormuz and diplomatic developments. Despite the daily dip, Brent and West Texas Intermediate benchmarks are positioned for monthly gains of approximately 20 percent.
Donald Trump, the President of the United States, announced a potential breakthrough involving the full disarmament of Hamas and the establishment of a new Palestinian government in Gaza. This development, combined with smoother shipping traffic, reduced immediate fears of supply interruptions. However, prices stay elevated due to high insurance costs, freight rates, and a persistent geopolitical premium driven by threats of U.S. military action against Iran.
Market uncertainty continues as investors weigh conflicting demand forecasts from OPEC, which expects a global increase of 0.8 million barrels per day in 2026, and the International Energy Agency, which projects weaker consumption. Mixed U.S. economic data further contributes to the current volatility.
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