Oil Prices on Track for Weekly Gain

2026-07-10 15:51 By Agna Gabriel 1 min. read

Crude oil slipped to around $71.2 per barrel on Friday but remained on track for a weekly gain of about 3.5% as renewed US-Iran tensions disrupted shipping through the Strait of Hormuz and raised supply concerns.

Markets continued to monitor developments after fresh attacks strained the ceasefire, although talks between Washington and Tehran are expected to continue.

President Donald Trump said the two sides had agreed to keep negotiations open but warned that the ceasefire was effectively over following renewed hostilities.

Earlier reports indicated technical discussions could resume, with a Qatari delegation arriving in Iran as part of diplomatic efforts.

The IEA cautioned that a prolonged escalation could undermine plans to rebuild global oil inventories later this year.

Meanwhile, the United Arab Emirates increased crude production to a record high last month, highlighting efforts by Gulf producers to maintain exports despite ongoing uncertainty.



News Stream
Oil Prices on Track for Weekly Gain
Crude oil slipped to around $71.2 per barrel on Friday but remained on track for a weekly gain of about 3.5% as renewed US-Iran tensions disrupted shipping through the Strait of Hormuz and raised supply concerns. Markets continued to monitor developments after fresh attacks strained the ceasefire, although talks between Washington and Tehran are expected to continue. President Donald Trump said the two sides had agreed to keep negotiations open but warned that the ceasefire was effectively over following renewed hostilities. Earlier reports indicated technical discussions could resume, with a Qatari delegation arriving in Iran as part of diplomatic efforts. The IEA cautioned that a prolonged escalation could undermine plans to rebuild global oil inventories later this year. Meanwhile, the United Arab Emirates increased crude production to a record high last month, highlighting efforts by Gulf producers to maintain exports despite ongoing uncertainty.
2026-07-10
Oil Heads for Weekly Gain
Crude oil held above $72 per barrel on Friday and remained on track for a weekly gain of nearly 5% as renewed US-Iran strikes delayed a full recovery in tanker traffic through the Strait of Hormuz. Despite the escalation, negotiations between Washington and Tehran toward a longer-term agreement are reportedly continuing, with technical discussions still underway. The International Energy Agency warned that a prolonged conflict could disrupt efforts to rebuild global oil inventories later this year after recent supply losses. Market attention remained focused on the impact on regional energy flows, with vessel tracking data showing traffic through Hormuz stayed significantly below normal levels. However, the United Arab Emirates raised crude production to a record high last month, highlighting efforts by Gulf producers to offset disruptions.
2026-07-10
Oil Edges Lower as US-Iran Talks Continue
Crude oil fell below $72 per barrel on Friday, extending losses from the previous session as reports indicated that the US and Iran will continue peace negotiations despite a recent escalation in hostilities that disrupted energy shipments through the Strait of Hormuz. Even so, US benchmark WTI remained on track to advance more than 4% for the week after US forces carried out strikes on targets in Iran over two consecutive days in response to recent attacks on vessels in Hormuz, triggering retaliatory attacks by Tehran on US bases across the region. President Donald Trump also raised doubts about the interim peace agreement following the renewed fighting, declaring that the deal was over. Shipping traffic through Hormuz slowed sharply this week, with markets closely monitoring whether transit activity will normalize. The strategic waterway continues to be a key sticking point in ongoing US-Iran negotiations.
2026-07-09