Overview

Investing.com reported on 17 July 2026 that oil prices posted double‑digit weekly gains, with Brent crude futures achieving their best advance since April and U.S. West Texas Intermediate (WTI) futures posting their strongest week since the first week of the Iran‑U.S. war in early March.

Price Movements

Brent climbed 4.6% to settle at $88.13 a barrel, while WTI rose 4.5% to $82.47 a barrel. Over the week, Brent’s price jumped 16% and WTI’s rose 15.5%, representing the steepest weekly gains for both benchmarks in the referenced periods.

Geopolitical Developments

The rally was driven by an escalation in fighting between the United States and Iran. Tehran claimed the United States attacked five bridges around Bandar Abbas and a port surveillance tower that had been used for decades to track commercial vessels in the Strait of Hormuz. The U.S. Central Command confirmed the destruction of the tower. President Donald Trump reiterated his vow to strike Iranian infrastructure if Tehran refused negotiations.

Axios reported that Washington notified Israel of additional refueling aircraft in anticipation of a possible expansion of military operations against Iran, while the Wall Street Journal noted that ground‑force options to seize Iranian islands near the Strait were being considered. The United States also resumed a naval blockade on ships entering and exiting Iranian ports, heightening concerns over supply disruptions.

Shipping Impact

Kpler, a shipping‑tracker, said confirmed transits through the Strait of Hormuz fell to eight on Thursday – the lowest level in three weeks – with seven of those eight using the Iranian‑controlled route, indicating a shift toward higher‑risk corridors as operators reassess security, crew safety and insurance exposure.

Pipeline Project

On the same day, Iraq and Syria jointly announced plans to rehabilitate and reconstruct a crude‑oil pipeline that would bypass the Strait of Hormuz. The U.S. Department of State welcomed the engagement of a U.S.‑led international consortium to handle the technical and financial aspects, stating the project would have an initial transport capacity of 2 million barrels per day once operational.

U.S.–Iraq Energy Cooperation

Iraqi Prime Minister Ali al‑Zaidi travelled to the United States, meeting President Trump at the White House and later visiting Chevron’s headquarters. Reuters reported that Chevron is set to sign memoranda of understanding with the Iraqi government to advance its entry into the West Qurna 2 and Nassiriya oilfields.

U.S. Inventory Data

The Energy Information Administration (EIA) released data for the week ended 10 July showing U.S. crude oil stockpiles fell by 1.7 million barrels to 409.7 million barrels, while gasoline inventories declined by 1.5 million barrels. The American Petroleum Institute (API) earlier reported a draw of about 564,000 barrels of crude for the same period, a smaller decline than analysts had expected.

Market Commentary

David Morrison, senior market analyst at Trade Nation, noted that Brent has retraced roughly 50% of its decline from mid‑May to its July low and that the daily MACD indicator has moved from an extreme oversold condition back to neutral, though he cautioned that this offers little guidance on future price direction. He highlighted the uncertainty surrounding whether the U.S. and Iran can resume peace negotiations or if the conflict will continue to weigh on global markets.

Additional Notes

The article was authored by Anuron Mitra and updated on 18 July 2026. Contributors Ayushman Ojha and Scott Kanowsky were also credited.