Brent crude ends the week up about 5% near $76.5 as Strait of Hormuz tensions drive gains

Brent crude ended the week to Friday, July 10, 2026 near $76.5 a barrel, up about 5% over the week, its biggest weekly gain in months. On Thursday Brent had risen roughly 0.7% to $76.56 a barrel.

The main driver was renewed exchanges of strikes between Iran and the United States and disruption to shipping through the Strait of Hormuz, which lifted supply risk; about a quarter of the world's seaborne oil and LNG passes through the strait.

Oil prices matter directly for Iran, whose crude exports are the main anchor of its foreign-currency earnings and state budget.