Commodities
Home›Commodities›Energy›Oil and refined products surged in July as Iran tensio…
Oil and refined products surged in July as Iran tensions escalated
WTI rose 22.2% in July and distillate crack spreads jumped 38.4%, while natural gas futures were the only major commodity to fall more than 10.0%.
In July 2026, energy commodities were among the strongest performers, with Brent and WTI crude oil posting double-digit gains along with gasoline and heating oil, according to Yahoo Finance.
The article says U.S. natural gas futures were the lone commodity to record a double-digit monthly decline. It also notes that oil prices were volatile in June and that WTI climbed 22.23% in July on the September NYMEX contract, while Brent gained 20.46% on the ICE October contract.
Yahoo Finance attributes much of the strength to worsening Iran related developments, saying hopes for a settlement that would open the Strait of Hormuz, a key chokepoint for crude shipments, fell apart.
The report adds that gasoline futures rose 14.03% in July and heating oil futures increased 29.60%, with crack spreads remaining elevated, including a 1.30% rise in the gasoline crack spread and a 38.43% jump in the distillate crack spread.
As rates and currency signals shifted, the report says the September dollar index futures fell 1.16% and long-term interest rates moved higher even though the Fed left the federal funds rate unchanged at the July FOMC meeting, a mix it characterizes as partly supportive and partly offsetting for commodity prices.
Latest closeWTI crude $75.32 ▼6.2%|Brent $78.86 ▼5.9%|Nat gas $2.687 ▼3.4%