Brent Closes with Weekly Gain of 9.85% at $96.78 on US-Iran Tension

Brent crude closed the week of July 24 with a gain of 9.85%, settling at $96.78 per barrel, according to data from the Intercontinental Exchange (ICE) reported by Forbes México. The benchmark has now posted three consecutive weeks of gains, in a market pressured by tensions between the United States and Iran in the Strait of Hormuz.

The conflict escalated through 13 consecutive nights of U.S. strikes against targets in Iran, through July 23, alongside the reimposition of a naval blockade on Iranian ports and oil terminals. Iran responded by announcing the closure of the Strait of Hormuz, through which approximately one-fifth of global oil trade transits, driving up risk premiums in futures markets. On July 25, however, the AP reported that Iran had not received new attacks for the first time in nearly two weeks, a signal of possible de-escalation that had already contributed to moderating the rally on Friday the 24th: that day Brent fell 3.88%, its first decline in six sessions.

On Thursday, July 23, crude had closed above $100.69 per barrel, according to ICE data, before Friday's pullback. Year-to-date gains have reached $35.93, a rise of 59.05%, though the price remains below the annual high of $118.35 recorded on March 31. The conflict also pushed natural gas prices higher: Houthi forces attacked two Saudi tankers in the Red Sea near the Bab al-Mandeb Strait, raising the risk premium on liquefied natural gas (LNG) shipments via that alternative route to the Strait of Hormuz.

Markets continue to monitor the conflict's trajectory. AP reported that U.S. President Donald Trump signaled his willingness to engage in dialogue with Iran, while Tehran recorded its first night without attacks in nearly two weeks. Brent's volatility continues to pressure the fuel import bill for Mexico and other Latin American economies.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.