2026.07.1015:51:05UTC+00Oil Prices on Track for Weekly Gain

Crude oil slipped to about $71.20 per barrel on Friday but remained on course for a weekly gain of roughly 3.5%, as renewed US–Iran tensions disrupted shipping through the Strait of Hormuz and stoked supply concerns. Markets continued to track developments after fresh attacks strained the ceasefire, though negotiations between Washington and Tehran are expected to proceed.

President Donald Trump said both sides had agreed to keep talks open, but warned that the ceasefire was effectively over following the renewed hostilities. Earlier reports suggested that technical discussions could resume, with a Qatari delegation arriving in Iran as part of broader diplomatic efforts.

The International Energy Agency (IEA) cautioned that a prolonged escalation could derail plans to rebuild global oil inventories later this year. At the same time, the United Arab Emirates raised crude output to a record high last month, underscoring the determination of Gulf producers to sustain exports despite persistent uncertainty.