Brent posts a third straight weekly gain, ending the week near $88 a barrel

Brent crude closed the week ending Friday, July 17, 2026, up nearly 12 percent, its third consecutive weekly gain, as the escalating US-Iran conflict and disrupted tanker traffic through the Strait of Hormuz pushed the global oil supply-risk premium higher.

During Friday's session, Brent jumped about 4.5 percent from its prior close near $84 to around $88 a barrel. Global oil markets are shut on Saturday and Sunday, and traders are waiting for clarity on the Strait of Hormuz at the start of the coming week.

For Iran's economy the surge cuts both ways: it lifts the dollar value of oil exports, while adding to domestic inflation by making global fuel and transport more expensive.