24.07.202607:33:11UTC+00Brent Up for Week Despite Friday Pullback

Brent crude slipped below $99 per barrel on Friday but still posted a weekly gain of more than 12%, as traders weighed escalating geopolitical risks to global energy supplies. The United States carried out strikes on Iran for a 13th consecutive day, with both Washington and Tehran ruling out any near-term negotiations. President Trump warned of “major military punishment” against Iran and the Houthis if Red Sea shipping faced further attacks, 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 crucial alternative export route for Saudi Arabia while fighting continues to disrupt traffic through the Strait of Hormuz. In response, Asian buyers have begun exploring options to reroute Saudi crude shipments via the Suez Canal and around Africa. Further tightening supply, the Caspian Pipeline Consortium halted crude loadings at its Black Sea terminal after tanker attacks, disrupting roughly 80% of Kazakhstan’s oil exports.