Oil Prices Rise Amid Middle East Supply Concerns

News 09:38 AM - 2026-07-17

Oil prices.

Global oil prices climbed on Friday, extending weekly gains as escalating tensions in the Middle East fuelled concerns over potential disruptions to crude supplies.

Brent crude futures rose to around $85 per barrel, while U.S. West Texas Intermediate (WTI) traded close to $80 per barrel, marking their strongest weekly performance in several months. 

The latest gains have been driven by growing fears that ongoing hostilities involving the United States and Iran could threaten shipping routes through the Strait of Hormuz and the Red Sea, two of the world’s most important oil transit corridors. Market analysts say the heightened geopolitical risks have added a significant premium to crude prices. 

Despite expectations of adequate global oil supplies later this year, traders remain focused on developments in the region, with any further escalation likely to increase price volatility. 

Oil has gained nearly 12% this week, reflecting growing concerns that prolonged instability could disrupt global energy exports and tighten supplies. 


PUKMEDIA