Oil Prices Head for Third Consecutive Weekly Decline (26‑06‑2026)
In Asian trade on Friday, oil prices eased, positioning both major benchmarks for a third straight weekly decline. At 20:21 ET (00:21 GMT), Brent crude futures for August delivery slipped 0.5% to $74.89 per barrel, while West Texas Intermediate (WTI) for the same month fell 0.5% to $71.58 per barrel. The price moves place Brent and WTI on track to record weekly losses of roughly 7%, extending the downward trajectory that began after the announcement of a preliminary U.S.–Iran peace agreement.
The previous session had seen both benchmarks rally more than 2% following a projectile strike on a cargo vessel transiting near the Strait of Hormuz, which had briefly revived concerns over the security of this critical chokepoint. The incident prompted the United Nations International Maritime Organization (IMO) to suspend its efforts to facilitate safe passage for vessels and crews in the region. U.S. officials later attributed the firing to Iran, raising doubts about the durability of the nascent peace accord that had helped reopen the waterway after months of disruption.
Despite the renewed incident, tanker traffic through the Strait of Hormuz continued to recover, with crude shipments this week reaching the highest volume recorded since the conflict began earlier in the year. Nevertheless, analysts note that many vessels remain reluctant to navigate Iranian waters, opting instead for routes closer to Oman, reflecting lingering security concerns.
Brent crude has retreated significantly from its early‑month peaks above $90 per barrel, as market participants increasingly price in the possibility that a broader U.S.–Iran settlement could restore more stable supply flows from the region.
Key figures: Brent $74.89/bbl, WTI $71.58/bbl, both down 0.5% on the day; weekly decline ~7%; earlier session gain >2%; cargo‑ship projectile incident near Hormuz; IMO suspension of safe‑passage facilitation; tanker traffic at highest since conflict onset; Brent peak earlier month >$90/bbl.