Brent news for August 4, 2026

Brent prices are being driven higher by heightened Middle East tensions, specifically the ongoing Iran conflict, which has pushed oil prices up and sharply boosted profits for major producers like BP and Saudi Aramco. The surge in earnings has drawn political criticism, including from former President Trump, adding a political dimension to the market's current dynamics.

Updated 17:25 UTC

How the day unfolded

1. 08:44 UTC

   Brent crude prices are being driven higher by the Middle East conflict involving Iran, which has tightened supply expectations and pushed energy costs up. This rally is reflected in surging quarterly profits for major oil producers like BP, Saudi Aramco, and Chevron, while also straining consumer fuel prices. Political criticism of these outsized earnings adds a layer of scrutiny to the current market environment.

2. 14:44 UTC

   Brent crude prices have been driven higher by the Middle East conflict, particularly the Iran war, as reflected in surging profits for major oil companies like BP, Saudi Aramco, Chevron, and Exxon. The elevated prices are impacting consumers, with petrol and diesel prices straining households and businesses. Political attention has also turned to the issue, with President Trump criticizing oil companies for making too much money.

Headlines (18)

• Investors scored on Iran war's oil market boom. Staying long the trade will get trickier
  www.cnbc.com · Aug 2, 13:12 UTC
• Rubio’s bypass plan: Can the world escape the Strait of Hormuz chokepoint?
  www.aljazeera.com · Aug 2, 14:12 UTC
• CNBC Daily Open: Markets exhale as Trump steps back, OPEC+ steps up
  www.cnbc.com · Aug 3, 01:11 UTC
• Trump slams Chevron CEO, demands immediate reduction in US fuel prices
  www.aljazeera.com · Aug 3, 14:59 UTC
• California's diesel prices have jumped since the Iran war started, with ripple effects across the country
  www.cnbc.com · Aug 3, 15:32 UTC
• Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'
  www.cnbc.com · Aug 3, 18:37 UTC
• Diamondback Energy Lifts Production Guidance, Reports Surging Profit on High Oil Prices
  www.wsj.com · Aug 3, 21:22 UTC
• Petrol prices strain US households as oil giants Chevron, Exxon profits soar
  www.aljazeera.com · Aug 3, 23:19 UTC
• Saudi Aramco profits soar in second quarter as Iran war squeezes oil
  www.cnbc.com · 05:20 UTC
• BP’s Profits Surge as Oil Traders Capitalize on Middle East Volatility
  www.wsj.com · 06:36 UTC
• Oil profits spike as Middle East war fuels energy prices and Trump blasts soaring earnings – business live
  www.theguardian.com · 06:52 UTC
• BP profits more than double as Iran war sends oil prices soaring
  www.theguardian.com · 06:59 UTC
• North Sea oil is a litmus test for Burnham | Letters
  www.theguardian.com · 16:07 UTC
• Revealed: major oil firms make $93bn profits amid war and climate crisis
  www.theguardian.com · 17:53 UTC
• US diesel prices overtake Biden-era average in blow to Trump
  www.ft.com · 18:06 UTC
• Oil spill from grounded tanker off Oman expands sharply, satellite images show
  abcnews.com · 19:53 UTC
• Strait of Hormuz disruption hits energy, fertilizer and industrial trade
  news.un.org · 19:59 UTC
• US stock market hits record highs as AI profits pile and oil prices ease
  www.theguardian.com · 21:15 UTC

Scheduled events

As of 23:25 UTC

• 2026-08-04 — Trade Balance · forecast 3.0B · CAD
• 2026-08-04 — Manufacturing PMI · forecast 52.2 · CAD
• 2026-08-05 — RatingDog Services PMI · forecast 53.7 · CNY
• 2026-08-05 — Crude Oil Inventories · forecast -1.5M · USD
• 2026-08-07 — Trade Balance · forecast 735B · CNY
• 2026-08-07 — USD-Denominated Trade Balance · forecast 108.6B · CNY
• 2026-08-07 — Unemployment Rate · forecast 6.5% · CAD
• 2026-08-07 — Employment Change · forecast 17.8K · CAD