# Physical oil prices jump with some nearing $110 as Iran, Ukraine wars hit supply - Markets - Business Recorder

> Physical crude prices in the Middle East, Europe and Africa jumped to two-month highs, with some cargoes nearing $110 a barrel. Dated Brent hit $105.70 on Thursday, its highest since late May and first breach of $100 since early June, and North Sea Forties reached $108.77 on Friday. The moves followed Houthi attacks on Red Sea tankers, the collapse of a preliminary US-Iran peace deal, Hormuz export disruption and Ukrainian strikes that cut Kazakh output.

- Date: 2026-07-24 · published 2026-07-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/11578-physical-oil-prices-jump-with-some-nearing-110-as-iran-ukraine-wars-hit-supply
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Higher crude raises diesel and freight costs and pushes up energy-linked feed inputs, while rerouted tankers add shipping cost and time. Vegetable oil and biofuel demand may firm as crude rises, supporting soybean oil and palm oil prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲
- PALMOIL: bullish ▲
- OCEANFRT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-07-23 | 5 | +29.7% | 3.5 | Physical crude prices surged with Dated Brent at $105.70 on the collapse of the US-Iran peace deal, Hormuz disruption and Kazakh output cuts, corroborating tight supply, though it is dated after the window ends. |
| BRENT | 2026-07-23 | 1 | +11.9% | 3.1 | Physical prices and Dated Brent surged on the same Red Sea and Hormuz disruptions plus the collapsed peace deal, confirming the tightness, though it was published a day later. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-01-31 | [Supply, geopolitics put oil on track - Markets - Business Recorder](https://feedsoft.ai/events/43296-supply-geopolitics-put-oil-on-track-markets-business-recorder.md) | +4.7% | +8.3% |
| BRENT | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +0.8% | -3.2% |
| BRENT | 2022-03-07 | [India rupee falls to lifetime low as oil prices surge; yields rise - Markets - Business Recorder](https://feedsoft.ai/events/42547-india-rupee-falls-to-lifetime-low-as-oil-prices-surge-yields-rise-markets.md) | -4.6% | -13.0% |
| BRENT | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +10.8% | +22.9% |
| BRENT | 2022-03-04 | [Oil jumps 7% as Ukraine conflict offsets Iran supply hopes](https://feedsoft.ai/events/6284-oil-jumps-7-as-ukraine-conflict-offsets-iran-supply-hopes.md) | -0.9% | -4.7% |
| WTI | 2022-01-31 | [Supply, geopolitics put oil on track - Markets - Business Recorder](https://feedsoft.ai/events/43296-supply-geopolitics-put-oil-on-track-markets-business-recorder.md) | +5.6% | +9.8% |
| WTI | 2022-05-31 | [C$ holds near multi-week high as EU bans Russian oil - Markets - Business Recorder](https://feedsoft.ai/events/41646-c-holds-near-multi-week-high-as-eu-bans-russian-oil-markets-business-recorder.md) | +3.0% | -1.7% |
| WTI | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +9.6% | +4.0% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40431656

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.