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WTI news for July 31, 2026

Crude oil prices are facing mixed signals as China's crude oil imports fell in the second quarter, hinting at softer demand, while industry warnings that refining limits could keep energy prices high point to ongoing supply constraints. At the same time, the U.A.E.'s changes to how it prices its crude and Abu Dhabi's abandoned benchmark bid are reshaping the market's pricing structure. These factors keep the focus on the delicate balance between supply and demand.

How the day unfolded

  1. Geopolitical tensions in the Middle East, including an escalating Iran war and a Saudi offensive in Yemen, are tightening supply expectations and pushing oil prices higher. This is reflected in Shell's profits doubling and Japan seeking Canadian crude as Hormuz shipments face disruption. The market is focusing on potential supply risks from the conflict, though recent data also shows lower crude prices reduced U.S.-Canada energy trade value in 2025.

  2. Geopolitical risk in the Middle East, including a reported Saudi offensive in Yemen and escalating conflict, has put supply concerns back at the forefront, with diesel prices in focus. However, China's crude imports falling in the second quarter points to softer demand from the world's top importer. These opposing forces are influencing WTI as the market weighs supply risks against demand uncertainty.

  3. China's second-quarter crude imports fell, signaling softer demand, while the oil industry warns that refining limits could keep energy prices elevated. At the same time, the UAE has changed how it prices its crude grades, a structural shift in the market. These factors together are keeping WTI sensitive to both demand worries and supply-side constraints.

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As of 22:35 UTC

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Not investment advice. For informational purposes only.