Tuesday, July 21 2026

Oil prices dip as mediation efforts offset US-Iran strikes
Oil prices softened on Tuesday, with markets weighing ​reports of mediation efforts between the US and Iran against an exchange of ‌fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis. Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel by 0052 GMT, while US West Texas ​Intermediate crude for September delivery was steady at $82.47 a barrel. Both contracts were ​trading below their highest levels in more than a month hit in ⁠the previous session.
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Monday, July 20 2026

Oil jumps 3% as US, Iran expand strikes in the Middle East
Oil prices jumped about 3% on Monday, with Brent oil prices surpassing $90 per barrel, as escalating US-Iran hostilities in the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures climbed $2.77, or 3.14%, to $90.87 by 0612 GMT, touching the highest since June 11, extending gains after rising 15.9% last week, its biggest weekly gain since April. US West Texas Intermediate crude was at $84.84 a barrel, up $2.35, or 2.85%, the loftiest since June 12. Front-month prices gained 15.5% last week, the largest weekly ascent since early March. The Middle East conflict escalated over the weekend with the US conducting a ninth straight night of attacks against Iran, while US allies Kuwait and Bahrain reported more Iranian strikes.
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Friday, July 17 2026

Oil rises on intensifying US-Iran hostilities and threat of Red Sea closure
Oil prices inched higher on Friday after the US and Iran stepped up attacks across the Gulf, with their broken truce limiting oil ​flows out of the Strait of Hormuz and with Tehran asking the Houthi ‌movement to stand ready to shut the Red Sea export route. Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel by 0118 GMT, and US West Texas Intermediate futures rose $1.03, or 1.3%, ​to $79.98 a barrel, erasing losses from the previous session. Both benchmark contracts have ​climbed nearly 12% this week, with Brent on track for a third ⁠consecutive weekly gain and WTI for a second weekly gain.
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Thursday, July 16 2026

Oil prices turn lower as traders weigh impact of renewed US strikes on Iran
Oil prices turned lower on Thursday as traders took profits and evaluated the risks from a new wave of US strikes on Iranian military installations, which fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz. The United States struck Iran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an “existential war” with America. After initially rising for a fourth straight session, Brent crude futures slipped 24 cents, or 0.28%, to $84.95 a barrel as of 0435 GMT, while US West Texas Intermediate futures fell15 cents, or 0.19%, to $79.45 a barrel.
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Friday, July 10 2026

Oil edges lower, but heads for weekly gain as Middle East supply risks persist
Oil prices fell in early trading on Friday but remained on track for weekly gains as the United States and Iran continued trading ​strikes. Concerns that accelerating inflation could soften oil demand weighed on the market ‌and pressured prices. Brent futures fell 6 cents, or 0.08%, to $76.24 a barrel by 0125 GMT. US West Texas Intermediate (WTI) crude lost 4 cents, or 0.06%, to $72.04. For the week, Brent was set ​for a 6% gain and WTI was headed for a 5% increase. Iranian ​armed forces launched attacks on US military infrastructure in Gulf states on ⁠Thursday following US strikes on Iran’s southern coastal and eastern provinces, further straining ​a three-week-old ceasefire. Separately, Iranian media reported multiple explosions across southern Iran, including Bushehr, where ​one of the country’s nuclear plants is located.
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