The US-Iran conflict reached its sixth month by July 31, 2026, with Brent crude prices rising from about $70 to peaks above $100 and briefly $126 a barrel earlier in the year before later futures settled near $82-88. Traffic through the Strait of Hormuz, previously carrying one-fifth of global oil and gas, fell sharply then recovered to 30-35% of prior levels by June 2026. Exxon Mobil and Chevron were scheduled to report second-quarter earnings shortly after July 31 amid reports of fuel shortages in several countries.