Oil prices surged in early Asian trade, recovering from previous losses following renewed hostilities in the Middle East and a strong U.S. inventory report from the API. Brent crude rose to $87.95 a barrel (+4.59%), while WTI increased to $82.89 (+4.58%). A recent report revealed a significant drop in U.S. crude inventories of about 3.3 million barrels, alongside an ongoing geopolitical turmoil involving Iran, which heightens the risk premium in oil markets. Traders are particularly attentive to potential further military escalations and forthcoming inventory reports that could influence prices.

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	WTI Crude •11 mins	82.31	+3.05	+3.85%
	Brent Crude •12 mins	87.39	+3.30	+3.92%
	Murban Crude •15 mins	84.09	-0.34	-0.40%
	Natural Gas •17 mins	2.647	-0.015	-0.56%
	Heating Oil •16 mins	4.254	+0.103	+2.47%
	Gasoline •46 mins	3.370	+0.036	+1.08%
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Gasoline •46 mins	3.370	+0.036	+1.08%
Heating Oil •16 mins	4.254	+0.103	+2.47%
WTI Midland •33 mins	82.80	+2.94	+3.68%
Opec Basket •2 days	88.91	-8.30	-8.54%
Indian Basket •2 days	88.83	-7.87	-8.14%

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	Marine •708 days	75.08	-2.22	-2.87%
	Murban •708 days	76.34	-1.97	-2.52%
	Iran Heavy •394 days	64.96	-0.76	-1.16%
	Basra Light •1702 days	71.69	-3.60	-4.78%
	Saharan Blend •394 days	68.65	-0.72	-1.04%
	Bonny Light •149 days	67.66	+3.95	+6.20%
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Bonny Light •149 days	67.66	+3.95	+6.20%
Girassol •708 days	79.56	-1.80	-2.21%
Opec Basket •2 days	88.91	-8.30	-8.54%

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	Canadian Crude Index •1155 days	53.57	-1.23	-2.24%
	Western Canadian Select •21 hours	70.26	-6.70	-8.71%
	Canadian Condensate •21 hours	84.76	-6.70	-7.33%
	Premium Synthetic •21 hours	83.01	-6.70	-7.47%
	Sweet Crude •21 hours	76.86	-6.70	-8.02%
	Peace Sour •21 hours	74.61	-6.70	-8.24%
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Peace Sour •21 hours	74.61	-6.70	-8.24%
Light Sour Blend •21 hours	74.86	-6.70	-8.21%
Syncrude Sweet Premium •21 hours	79.11	-6.70	-7.81%
Central Alberta •21 hours	74.46	-6.70	-8.26%

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	Louisiana Light •5 days	93.99	+3.83	+4.25%
	Domestic Swt. @ Cushing •2 days	79.09	-6.70	-7.81%
	Giddings •2 days	72.84	-6.70	-8.42%
	ANS West Coast •5 days	85.20	-1.82	-2.09%
	West Texas Sour •2 days	78.09	-6.70	-7.90%
	Eagle Ford •2 days	79.09	-6.70	-7.81%
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Eagle Ford •2 days	79.09	-6.70	-7.81%
Oklahoma Sweet •2 days	81.25	-6.25	-7.14%
Kansas Common •2 days	69.44	-6.70	-8.80%
Buena Vista •485 days	70.40	+1.10	+1.59%

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Headlines
9 minsOil Prices Surge on Fresh Middle East Strikes and API Crude Draw
6 hoursAPI Reports Sharp U.S. Crude Stock Draw as SPR Hits New Low
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1 dayOil Prices Extend Losses as U.S.-Iran Calm Holds for Another Night
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5 daysSaudi Crude Tanker Goes Dark to Slip Through Bab el-Mandeb
5 daysChina Rushes to Secure Russian Oil as Middle East Supply Risks Escalate
5 daysU.S. Prioritizes Small Nuclear Reactors Across Southeast Asia
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5 daysTrump Threatens Iran After Houthi Tanker Attacks

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Oil Prices Surge on Fresh Middle East Strikes and API Crude Draw

By Josh Owens - Jul 28, 2026, 10:01 PM CDT

Oil prices spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff on the back of renewed hostilities in the Middle East and a bullish U.S. inventory report from the API.

At the time of writing, Brent crude had climbed to $87.95 per barrel, up 4.59%, while West Texas Intermediate was trading at $82.89, up 4.58%.

Oil prices had been tumbling since the U.S. brought an end to 13 consecutive nights of attacks on Iran last Thursday, with both sides playing up hopes of a diplomatic breakthrough.

Those hopes were significantly hindered late on Tuesday when U.S. Central Command (CENTCOM) reported that Iranian forces launched multiple ballistic missiles at U.S. bases across the Middle East in what it described as a surprise attack. All incoming missiles were successfully intercepted, and no U.S. positions were hit.

CENTCOM then reported that the U.S. and Saudi forces carried out “precision strikes” against “multiple terrorist logistics and weapons sites across eastern Iraq.”

While the U.S. did not strike any targets within Iran, the renewed fighting does end the short-lived pause in hostilities that had seen the geopolitical risk premium unwind somewhat.

Adding to the upward pressure on prices was another sizeable draw in U.S. crude inventories. The American Petroleum Institute reported that U.S. crude stockpiles fell by approximately 3.3 million barrels last week, while the SPR released 3.7 million barrels to hit its lowest level since March 1983. Gasoline inventories rose by 918,000 barrels while distillate stocks increased by 355,000 barrels.

Going forward, traders will be watching any further military escalation closely while keeping an eye on the EIA’s inventory report due out later today. If the EIA confirms a crude draw or if further strikes take place in the Middle East, we can expect prices to continue climbing.

As has been the case since the Iran war started, volatility appears to be the only certainty in oil markets today, and it is showing no sign of stopping any time soon.

By Josh Owens for Oilprice.com

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API Reports Sharp U.S. Crude Stock Draw as SPR Hits New Low

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Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.…

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