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
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