Oil Heads for Weekly Surge

2026-07-23 23:18 By Joshua Ferrer 1 min. read

Crude oil traded above $92 per barrel on Friday and was on track to gain more than 12% for the week, as escalating Middle East tensions heightened fears of deeper global supply disruptions.

US President Trump threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran.

His remarks followed attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a crucial alternative export route for Saudi Arabia as fighting continues to disrupt traffic through the Strait of Hormuz.

Asian buyers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa.

The Caspian Pipeline Consortium also suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting a route handling about 80% of Kazakhstan's oil exports.

Meanwhile, the US launched a 13th straight day of strikes on Iran, with both sides ruling out near-term talks.



News Stream
Oil Heads for Weekly Surge
Crude oil traded above $92 per barrel on Friday and was on track to gain more than 12% for the week, as escalating Middle East tensions heightened fears of deeper global supply disruptions. US President Trump threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran. His remarks followed attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a crucial alternative export route for Saudi Arabia as fighting continues to disrupt traffic through the Strait of Hormuz. Asian buyers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa. The Caspian Pipeline Consortium also suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting a route handling about 80% of Kazakhstan's oil exports. Meanwhile, the US launched a 13th straight day of strikes on Iran, with both sides ruling out near-term talks.
2026-07-23
Crude Oil Soars
Crude oil surged more than 6% to trade above $92 per barrel on Thursday, extending gains for a fifth consecutive session and reaching its highest level since early June as escalating hostilities in the Middle East heightened concerns over global supply disruptions. US President Trump warned that the US would hold Iran responsible for any future Houthi attacks on commercial shipping in the Red Sea, threatening Tehran and the Yemen-based militants with "major military punishment." He also said he was "considering a massive attack" against Iran. The comments followed Houthi attacks on two Saudi oil tankers in the Red Sea, which the group said were intended to enforce a newly announced blockade of Saudi ports. Oil prices have now climbed more than 30% from the pre-conflict levels seen earlier this month. Adding to supply concerns, Kazakhstan's decision to suspend crude exports through the Caspian Pipeline Consortium terminal following drone attacks further tightened the market outlook.
2026-07-23
Crude Oil Extends Gains for 5th Session
Crude oil surged more than 6% to above $92 per barrel on Thursday, extending gains for a fifth consecutive session to the highest level since early June, as escalating geopolitical tensions intensified concerns over global supply. Iran-backed Houthi militants claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, saying the strikes were aimed at enforcing a newly announced blockade of Saudi ports. The attacks raised fears of further disruptions to regional shipping, with buyers in Asia considering longer and more expensive alternative routes. Supply risks were compounded by continued attacks on vessels in the Strait of Hormuz, renewed US strikes on Iran, and Kazakhstan's decision to halt crude exports through the Caspian Pipeline Consortium terminal after drone attacks. Meanwhile, Washington and Tehran continued to rule out near-term peace talks, reinforcing expectations that tensions could keep oil prices elevated.
2026-07-23