Reuters survey: average Brent crude price for 2026 expected at $85.22/bbl; June forecast $84.50/bbl.

On July 31 local time Iran's military said it launched the 27th phase of its "Lightning" operation, a drone strike in retaliation for recent US attacks on Qeshm Island, and successfully struck US facilities at Ahmad al-Jaber air base in Kuwait. Iran said targets included fighter hangars, satellite communications systems and equipment warehouses, and described the base as a hub for US air and reconnaissance operations and regional air logistics.

Iraq government spokesman said if the Strait of Hormuz remains closed, the government will turn to external borrowing.