Crude Oil Set for 10% Weekly Gain

2026-07-24 10:29 By Agna Gabriel 1 min. read

Crude oil slipped toward $89 per barrel on Friday but remained up by around 10% for the week, as traders continued to assess mounting geopolitical risks to global energy supplies.

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

President Trump also 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 key alternative export route for Saudi Arabia as fighting continued to disrupt traffic through the Strait of Hormuz.

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

Adding to supply constraints, the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal after tanker attacks, disrupting around 80% of Kazakhstan's oil exports.



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