Oil prices jump more than 2% to record highest level since July 31

Oil prices rose more than 2% on Tuesday (July 31, 2026) to their highest level since July 31, 2026, as hopes faded for a deal between the United States and Iran to end their conflict and reopen the Strait of Hormuz, after U.S. President Donald Trump demanded compensation for damages incurred by his country.

Brent crude futures rose 2.28% to $89.71 per barrel, while U.S. West Texas Intermediate crude futures climbed 2.58% to $84.24 per barrel.

The two benchmark crudes rose more than 5% on Monday, after Trump responded to Iran’s conditions for reaching an agreement by demanding that Iran pay compensation for deaths from wars, attacks, and protests, a move that is likely to complicate efforts to reopen the Strait of Hormuz, according to Reuters.