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Latest Oil Market News and Analysis for July 24

Bloomberg Markets Thursday 23 July 2026, 22:04 UTC By Kanoko Matsuyama and Gabriel Levin 1 min read
Key Points

Oil Set for Weekly Gain as Middle East Crisis Fuels Supply Fears Oil headed for a weekly surge after Houthi attacks on tankers in the Red Sea opened a new front in the Middle East conflict, while President Donald Trump threatened to extend US strikes on Iran. West Texas Intermediate was steady above $92 a barrel, up around 12% for the week. Brent closed above $100 for the first time since May.

Oil Set for Weekly Gain as Middle East Crisis Fuels Supply Fears Oil headed for a weekly surge after Houthi attacks on tankers in the Red Sea opened a new front in the Middle East conflict, while President Donald Trump threatened to extend US strikes on Iran. West Texas Intermediate was steady above $92 a barrel, up around 12% for the week. Brent closed above $100 for the first time since May. Trump posted that the US will inflict “major military punishment” on both Iran and the Houthis in the event of more strikes in shipping in the Red Sea. The president also told Axios he’s considering a “massive attack” on the Islamic Republic.
Latest Oil Market News (ORG) Houthi (ORG) the Red Sea (LOCATION) the Middle East (LOCATION) Donald Trump (PERSON) US (LOCATION) Iran (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) Trump (ORG) Axios (PERSON) the Islamic Republic (LOCATION)
Originally published by Bloomberg Markets Read original →

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