24.07.202610:29:24UTC+00Crude Oil Set for 10% Weekly Gain

Crude oil slipped toward $89 per barrel on Friday but was still up roughly 10% for the week, as traders continued to weigh escalating geopolitical risks to global energy supplies. The US carried out a 13th consecutive day of strikes on Iran, with both Washington and Tehran ruling out any near-term negotiations. President Trump threatened “major military punishment” against Iran and the Houthi movement if attacks on Red Sea shipping continued, and said he was considering a “massive attack” on Iran.

His comments followed assaults by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a critical alternative export route for Saudi Arabia as ongoing conflict has disrupted traffic through the Strait of Hormuz. In response, Asian buyers have started discussing rerouting Saudi crude shipments via the Suez Canal and around the Cape of Good Hope. Supply concerns were further heightened after the Caspian Pipeline Consortium halted crude loadings at its Black Sea terminal following tanker attacks, interrupting flows that account for around 80% of Kazakhstan’s oil exports.