Brent Set for Sharp Weekly Drop

2026-04-09 23:38 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed above $96 per barrel on Friday as Israeli strikes on Lebanon and the ongoing closure of the Strait of Hormuz strained diplomatic efforts, but prices were still on track to drop more than 10% for the week after the US and Iran agreed to a two-week ceasefire.

Israeli Prime Minister Benjamin Netanyahu maintained that operations in Lebanon fall outside the scope of the US-Iran truce, although Washington has scheduled talks next week with Israel and Lebanon to address broader ceasefire negotiations.

Meanwhile, US President Donald Trump warned Iran over imposing transit fees in Hormuz, criticizing its handling of oil flows.

The crucial waterway remains largely closed as shipowners wait for clearer guidance on access.

Elsewhere, Saudi Arabia said its oil production capacity has been reduced by roughly 600k barrels per day following attacks on energy facilities, while a major pipeline designed to bypass the Strait of Hormuz was also struck.



News Stream
Brent Rises as US-Iran Hostilities Escalate
Brent rebounded to trade over $95 a barrel on Wednesday, extending a two-session rally that lifted prices to a six-week high. Renewed hostilities between the US and Iran rose of disruptions risks to Middle East crude exports. The US completed a wave of strikes against Iran on Tuesday, according to US Central Command. Iran’s state media reported that the Revolutionary Guard retaliated by targeting US military positions in Jordan, Kuwait, Bahrain, Iraq and the UAE. US President Donald Trump also indicated he was not interested in negotiating with Iran. Meanwhile, US Energy Secretary Chris Wright said more than 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest level since the war began in late February. Before the war, about 20 million barrels per day of crude and petroleum products passed through the strait. However, tanker traffic remains below its 10-day average, with Kpler reporting only four tanker crossings on Tuesday.
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Brent Back to $95
Brent swung between small gains and losses to trade near $95 a barrel on Wednesday, following a two-session rally that had lifted prices to a six-week high. Traders continued to weigh elevated supply risks stemming from ongoing hostilities in the Middle East against signs that crude supplies were still reaching the market. US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began. Kpler data showed that 4 commodity vessels transited Hormuz on Tuesday, down from 10 on Monday. The US carried out further strikes on Iran and Washington threatened more devastating attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict.
2026-09-02
Brent Near $94
Brent edged down to approach $94 a barrel on Wednesday, pausing a two-session rally that had lifted prices to a six-week high. Traders continued to weigh elevated supply risks stemming from ongoing hostilities in the Middle East against signs that crude supplies were still reaching the market. The US carried out further strikes on Iran and Washington threatened more devastating attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. However, US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began. Meanwhile, US President Trump said he “couldn’t care less” whether Iran signs an agreement to reopen the Strait of Hormuz. The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict.
2026-09-02