Key Points Both Brent crude and WTI have surged approximately 12% over the past week amid escalating U.S.-Iran hostilities Washington conducted its sixth consecutive night of military operati
Crude oil markets closed Friday on an upward trajectory, concluding a week that saw both primary benchmarks advance approximately 12%. Brent crude futures reached around $84.38 per barrel, while U.S. West Texas Intermediate settled near $78.71 per barrel.
Brent Crude Oil Last Day Financ (BZ=F)The price appreciation occurred against a backdrop of continued military exchanges between Washington and Tehran spanning six consecutive nights. American military officials stated their most recent operations targeted Iranian military infrastructure with the objective of degrading Tehran’s military capabilities.
Iran’s armed forces initiated new attacks on American installations across the Middle East Friday morning, including what Tehran characterized as its inaugural direct assault in Syria. The Iranian military also deployed missiles and unmanned aerial vehicles toward U.S. military installations in neighboring nations, including a recently enhanced air base located in Jordan.
Brent crude is positioned to record its third successive weekly advance. WTI is set to complete a second consecutive week of gains.
The Strait of Hormuz represents a vital artery for worldwide oil supply. Approximately 20% of global petroleum and refined products transit through this narrow waterway.
Just THREE ships crossed the Strait of Hormuz in 24 hours, down from 110 a day before the war.
-Open-source MarineTraffic data shows only three vessels transited the strait in the past 24 hours, two moving into the Gulf (a cargo ship and a tanker) and one tanker departing… pic.twitter.com/9kINL3sCSU
— Mario Nawfal (@MarioNawfal) July 17, 2026
Shipping activity through the strait experienced a pronounced decline this week following Washington’s reinstatement of naval restrictions on Iranian port facilities. This disruption has introduced a geopolitical risk premium into market pricing.
Tehran has also communicated to its Houthi partners to maintain readiness for shutting down the Red Sea petroleum export corridor. Such action would be triggered if American forces attack Iranian electrical infrastructure, according to three sources referenced by Reuters.
“The looming possibility of the Red Sea transforming into another significant supply disruption location is adding additional complexity to the worldwide oil market perspective,” stated Tim Waterer, chief market analyst at KCM Trade.
The International Energy Agency’s Executive Director Fatih Birol commented Thursday that energy security continues to pose substantial concerns. “We ought to be concerned, and I am concerned, if conditions do not stabilize within the coming weeks,” he remarked.
A tenuous ceasefire agreement established in June has essentially disintegrated. Regional intermediaries including Qatar, Egypt and Pakistan continue diplomatic efforts. Qatar’s defence ministry reported its forces successfully intercepted an Iranian missile strike early Friday, with one child sustaining injuries from interception debris.
U.S. storage data published this week demonstrated the crude market is experiencing tightening conditions. The Energy Information Administration disclosed that American crude reserves declined by 1.7 million barrels during the week ending July 10, reducing total inventories to 409.7 million barrels.
Gasoline stocks similarly decreased by 1.5 million barrels over the identical timeframe. Prior figures from the American Petroleum Institute indicated a smaller withdrawal of approximately 564,000 barrels, falling short of analyst projections.
Notwithstanding the substantial weekly price increases, certain analysts observe the market has exhibited more restraint than circumstances might suggest. “There is an absence of panic in petroleum markets currently,” noted Tamas Varga of PVM Oil Associates.
From a technical perspective, analysts at IG indicated WTI could challenge the mid-$80 range if it maintains stability above critical support levels in the mid-$70s.
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