Oil’s Calm Is Over as Middle East Risks Return

AI Summary

Oil prices rose over $4 per barrel this week with Brent crude settling above $76, reflecting renewed geopolitical risks in the Middle East due to U.S.-Iran tensions and the near standstill of traffic through the Strait of Hormuz, raising supply disruption concerns.

Renewed U.S.-Iran strikes have revived the Middle East risk premium, lifting Brent above $76 as traffic through the Strait of Hormuz slows and supply disruption fears return. Friday, July 10, 2026 The return of the Middle Eastern geopolitical risk premium has lifted global oil prices by $4 per barrel this week, with ICE Brent set to settle above $76 per barrel. Renewed US-Iran strikes pushed traffic through the Strait of Hormuz back toward a near-standstill as market concerns about continued supply disruptions outweighed President Trump’s…