Oil Above $100 and the Commodity Sector's Next Catalyst: Energy and Agriculture Outlook
WTI crude pulled back to $82.47 per barrel on Friday, July 31, after briefly spiking above $92 this week on renewed US military strikes against Iranian IRGC targets. Brent touched $92.65 on Thursday before the tactical de-escalation took hold. The retreat is real. But the US-Iran conflict has been running since February 2026, and the $15-$20 per barrel geopolitical premium it created has not gone anywhere. Key Takeaways WTI crude closed Friday at $82.47/bbl, retreating from a weekly high above $92, with Brent touching $92.65 on Thursday, July 30. A $15-$20/bbl Iran conflict risk premium remains embedded in prices; the Strait of Hormuz carries 17-21% of global seaborne oil trade. Core PCE cam…
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