Brent holds above $85 on Friday; oil up over 11% for the week, its best week since late April

Oil prices rose on Friday, July 17, 2026 (26 Tir 1405), keeping Brent above $85 a barrel. September Brent futures gained about 0.9% to around $85, while U.S. West Texas Intermediate for August delivery added about 1% to roughly $79.7.

Both benchmarks are up more than 11% for the week, their best weekly performance since late April. The main driver is the intensifying U.S.-Iran conflict and fears of disruption to oil flows through the Strait of Hormuz, where shipping traffic has fallen sharply since the escalation began.

For Iran the rally cuts both ways: higher prices lift the value of oil exports, yet the U.S. naval blockade and the halt in loadings at the Kharg Island terminal limit its ability to fully capitalize on them.