Unattributed Attacks Strike Iran After US Offensive Ends; Brent Posts 6% Weekly Gain

Unattributed aerial attacks struck southern Iran on July 10, hours after the United States declared its military offensive concluded, according to a report by the Associated Press. Brent crude settled at $75.62 per barrel in Friday's session, posting a weekly gain of nearly 6 percent, according to market data.

The episode comes one week after the collapse of the 60-day ceasefire signed on June 17 between the United States and Iran, a conflict that began on February 28 with American and Israeli strikes. The Strait of Hormuz, through which approximately 20 percent of the world's daily crude and gas supply flowed before the war, remains in a virtual standstill. Vandana Hari of consultancy Vanda Insights warned that transits through Hormuz are nearly halted with no clear signs of an imminent resumption. The disruption is driving up freight and insurance costs for every barrel crossing the region, with a direct impact on Latin American refineries and the benchmark prices that index crude imports in the Gulf of Mexico basin.

West Texas Intermediate (WTI) fell 64 cents on Friday to $71.44 per barrel, though it posted a weekly gain of between 4 and 5 percent. The pullback in Friday's session was attributed, according to UBS analysts, to the absence of new American strikes overnight and to statements by President Donald Trump in which he said he does not expect the war to resume and that any new confrontation would end quickly. The International Energy Agency (IEA) had projected a significant surplus in the oil market for 2027, a scenario that the Middle East escalation now threatens to reverse.

The reopening of the Strait of Hormuz, and the pace at which maritime insurers resume quoting policies for the route, will determine whether the risk premium persists in next week's prices. Satellite traffic reports over the coming days will provide the first signal on the pace of normalization.

This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.