Brent news for August 1, 2026

Brent crude is under pressure from supply-side constraints, as OPEC+ may continue raising output quotas but the broadening Iran war and refining capacity limits are expected to keep energy prices elevated. At the same time, weaker demand signals from China, where crude imports fell in the second quarter, are offering some counterbalance to these bullish factors.

Updated 22:48 UTC

How the day unfolded

1. 12:02 UTC

   Brent prices are being influenced by mixed signals: China's crude imports fell in Q2, pointing to softer demand, while OPEC+ may continue raising output quotas, yet this is unlikely to lower prices amid refining capacity constraints. Additionally, changes in U.A.E. crude pricing and ongoing supply-side pressures are keeping the market's attention on structural tightness.

Headlines (11)

• From well to pump: how fuel prices are formed
  www.ecb.europa.eu · Jul 31, 10:04 UTC
• Big Oil Is Reaping Rewards From the Chaos in Energy Markets
  www.wsj.com · Jul 31, 10:37 UTC
• UK petrol price hits Iran war high, adding to pressure on households
  www.theguardian.com · Jul 31, 12:34 UTC
• China's crude oil imports fell in the second quarter
  www.eia.gov · Jul 31, 13:03 UTC
• U.A.E. Changes How It Prices Its Crude Oil Grades
  www.wsj.com · Jul 31, 14:05 UTC
• Abu Dhabi abandons bid to build global oil benchmark
  www.ft.com · Jul 31, 16:18 UTC
• Here’s how Big Oil cashed in on the historic supply crunch
  www.marketwatch.com · Jul 31, 18:28 UTC
• Oil industry warns refining limits could keep energy prices high
  www.politico.com · Jul 31, 19:02 UTC
• Petrol prices on track to top $2 a litre as Bowen sounds death knell for fuel excise relief
  www.theguardian.com · 02:35 UTC
• OPEC+ may keep lifting its oil output quotas as the Iran war broadens. Why that won’t help lower prices.
  www.marketwatch.com · 11:01 UTC
• Turkiye and Iraq sign one-year oil pipeline deal amid global shift
  www.aljazeera.com · 17:07 UTC

Scheduled events

As of 22:48 UTC

• 2026-08-03 — RatingDog Manufacturing PMI · forecast 51.9 · CNY
• 2026-08-03 — Bank Holiday · CAD
• 2026-08-04 — Trade Balance · forecast 3.0B · CAD
• 2026-08-04 — Manufacturing PMI · forecast 50.2 · CAD
• 2026-08-05 — RatingDog Services PMI · forecast 53.7 · CNY
• 2026-08-05 — Crude Oil Inventories · USD
• 2026-08-07 — Employment Change · forecast 15.0K · CAD
• 2026-08-07 — Unemployment Rate · forecast 6.5% · CAD