Brent Gains More than 10% on the Week

2026-07-17 10:51 By Joana Taborda 1 min. read

Brent traded above $85 per barrel on Friday, returning to one-month highs after a modest pullback in the previous session, as investors continued to assess the escalating conflict between the US and Iran.

Overnight, US Central Command said it had completed its sixth consecutive night of strikes against Iran, targeting dozens of military sites, including logistics infrastructure and maritime assets.

Iran has been responding by launching attacks on US bases in Kuwait, Jordan and Bahrain while reports indicated that Iran had instructed Yemen's Houthi forces to prepare to disrupt shipping through the Red Sea if the US targets Iranian power infrastructure.

Meanwhile, commercial traffic through the Strait of Hormuz has remained largely limited.

Oil prices have risen more than 10% this week as hostilities intensified, raising fears of a broader regional conflict.

Early this week, the US reinstated a naval blockade targeting Iranian ports near the Strait of Hormuz.



News Stream
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