Oil Prices Surge 12% Weekly as Brent Hits $85 Amid Sustained US Strikes

Key Facts

Amid an unprecedented military escalation in the Middle East, oil prices surged nearly 12% this week as geopolitical risks intensified. According to reports, US strikes targeted Iranian assets for the sixth consecutive night, significantly heightening supply disruption fears. This follows reports that Tehran has directed the Houthi movement to prepare for a potential shutdown of key Red Sea export routes, placing global maritime trade under direct threat.

The sharp rally, which brought Brent crude to approximately $84.93 and WTI to $79.76, reflects market anxiety over the conflict spreading to the Strait of Hormuz. Per market data, energy majors like ExxonMobil and Chevron have seen gains tracking the crude spike, while Goldman Sachs analysts warn that sustained threats could drive prices toward record highs if verbal threats transition into physical blockades of routes handling 12% of seaborne oil trade per IEA data.

Traders are monitoring price stability following the latest levels of $84.93 for Brent and $79.76 for WTI (as of close July 10, 2026). Key upcoming catalysts include the OPEC meeting and a speech by Fed Governor Bowman on July 13, 2026, which will be critical in assessing production responses and the impact of energy costs on global inflation outlooks.