Brent bias flipped 35 times to bullish on August 2, 2026
Brent crude is being driven by heightened geopolitical tensions in the Middle East, particularly concerns over potential disruption at the Strait of Hormuz amid the Iran war. Meanwhile, OPEC and its allies have raised output for the sixth consecutive month, but analysts suggest this may not be enough to lower prices as the conflict broadens. These supply and risk factors are keeping the oil market on edge, with fuel prices expected to rise further.
Updated
The reading that day
BullishAt the close of the UTC day.
BearishNeutralBullish
It changed 35 times during the day.
The day on the wire
00:0006:0012:0018:0024:00
The band shows the reading through the day; a mark shows where it changed. Each tick is a headline first seen that day.
The reading through the day
- 00:00Neutral
- 01:21Weak bearish
- 02:25Bearish
- 02:29Bullish
- 02:37Bearish
- 02:53Neutral
- 04:09Weak bearish
- 04:13Neutral
- 04:49Bullish
- 04:53Weak bullish
- 05:05Neutral
- 05:09Bearish
- 05:33Weak bearish
- 06:50Neutral
- 10:14Bullish
- 10:18Bearish
- 10:38Bullish
- 12:02Neutral
- 13:19Bearish
- 13:55Neutral
- 14:03Bearish
- 14:43Weak bullish
- 15:15Bullish
- 16:19Weak bearish
- 17:51Bullish
- 17:59Bearish
- 18:24Bullish
- 18:58Bearish
- 19:22Neutral
- 22:15Bearish
- 22:23Bullish
- 22:39Bearish
- 22:51Neutral
- 23:43Weak bearish
- 23:47Bearish
- 23:59Bullish
Headlines (13)
First seen on August 2
- OPEC, Allies Increase Oil Output for Sixth Time in a RowThe Wall Street Journal
- Investors scored on Iran war's oil market boom. Staying long the trade will get trickierCNBC
- Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint?Al Jazeera
- Subsea7 lands up to $150m Shell pipeline job off Bruneisplash247.com
Carried over from earlier days
- From well to pump: how fuel prices are formedEuropean Central Bank
- China's crude oil imports fell in the second quartereia.gov
- Abu Dhabi abandons bid to build global oil benchmarkFinancial Times
- Here’s how Big Oil cashed in on the historic supply crunchMarketWatch
- Oil industry warns refining limits could keep energy prices highpolitico.com
- Petrol prices on track to top $2 a litre as Bowen sounds death knell for fuel excise reliefThe Guardian
- OPEC+ may keep lifting its oil output quotas as the Iran war broadens. Why that won’t help lower prices.MarketWatch
- Turkiye and Iraq sign one-year oil pipeline deal amid global shiftAl Jazeera
- Suriname's $26 Billion Oil Bet Is Finally Paying OffOilPrice.com
Scheduled events
As of
| Event | Forecast | Currency |
|---|---|---|
| Sunday, August 2 | ||
| OPEC-JMMC Meetings | All | |
| Monday, August 3 | ||
| RatingDog Manufacturing PMI | 51.9 | CNY |
| Bank Holiday | CAD | |
| Tuesday, August 4 | ||
| Trade Balance | 3.0B | CAD |
| Manufacturing PMI | 50.2 | CAD |
| Wednesday, August 5 | ||
| RatingDog Services PMI | 53.7 | CNY |
| Crude Oil Inventories | USD | |
| Friday, August 7 | ||
| Trade Balance | 740B | CNY |