Brent Crude Pulls Back as Much as 4.3% Friday After Topping $100

Brent crude, which on Thursday (1 Mordad, 23 July 2026) topped $100 a barrel for the first time since early June (26 May), gave back part of that gain on Friday (2 Mordad, 24 July), falling as much as 4.3% during the session. Brent had climbed nearly 7% on Thursday to about $100.6, while West Texas Intermediate traded near $92.

Friday's pullback was driven mainly by profit taking and worries that a fresh wave of US trade tariffs could weigh on global demand, offsetting part of the risk premium tied to the US-Iran military confrontation and disrupted tanker traffic in the Strait of Hormuz. Even so, oil remained well above the average of recent weeks and near its highest level in two months. The global oil price is the single most important external variable for Iran's foreign-currency earnings and markets.