US Daily Data Recap: Brent climbs on Middle East news

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US Daily Data Recap: Brent climbs on Middle East news

Global Research

29 July 2026ab

US Daily Data Recap Economics

AmericasBrent climbs on Middle East news

Amanda Wilcox

Economist

The Brent crude oil price reversed earlier declines and rallied this morning after a re- amanda.wilcox@ubs.com

+1-212-713 3899

escalation in the Middle East, climbing back up to $90 per barrel after reaching a low of

$83 per barrel yesterday. Yesterday, the US said it had intercepted a "surprise attack" Jonathan Pingle

and Iran's IRCG claimed attacks on a US base in Jordan, and this morning Iranian media Economist

said that a US strike hit the West Azerbaijan province (link here). The US average regular- jonathan.pingle@ubs.com

+1-212-713 2225

grade retail gas price edged down -$0.01 to $4.09 on Tuesday, July 28, but remains

above the recent trough at $3.79 in early July. Gas prices started moving higher again Alan Detmeister

earlier this month and if sustained, the renewed firming in crude oil prices could add Economist

pressure to gas prices. alan.detmeister@ubs.com

+1-212-713 1222

Abigail WattUS crude oil inventories fell -11.0 million barrels to 712.2 million barrels in the week

ending July 24, with both commercial stocks and the SPR declining, extending the abigail.watt@ubs.com

inventory drawdown seen since the start of the Middle East conflict. Oil exports edged +1-212-882 6929

higher, while crude production remained flat at 13.8 million barrels per day, though

Jalen Nichols

higher rig counts suggest some supply response to elevated oil prices.

jalen.nichols@ubs.com

Mortgage purchase applications fell -3.6% in the week ending July 24 as the 30-year +1-212-882 6905

fixed-rate mortgage rose to the highest level in a year, a headwind to housing demand.