TLDRBrent crude heads for approximately 5% weekly increase, with WTI climbing around 4%, even as Friday sees minimal movementWashington conducted additional airstrikes on Iran’s military infrastructure Thursday aimed at safeguarding Strait of Hormuz navigationTehran responded with projectile and drone strikes targeting Bahrain, Kuwait, Qatar, and JordanPresident Trump announced the tenuous ceasefire had essentially collapsed following attacks on merchant shipsTraders anticipate the hostilities will remain limited, keeping Persian Gulf oil shipments largely intactCrude oil benchmarks maintained stability on Friday yet were positioned to conclude the week with substantial gains following renewed hostilities between Washington and Tehran that unsettled energy traders earlier this week.U.S. West Texas Intermediate crude dipped 0.1% to reach $72.01 per barrel during Friday’s session. Brent crude declined 0.07% to settle at $76.25. Notwithstanding the subdued Friday performance, both major benchmarks were tracking toward robust weekly advances — Brent climbing approximately 5% while WTI rose roughly 4%.Brent Crude Oil Last Day Financ (BZ=F)The week’s price momentum stemmed from escalating hostilities surrounding the Strait of Hormuz, among the globe’s most critical petroleum transit corridors. Recent assaults on merchant vessels in and near the strategic waterway led several maritime operators to postpone or abandon scheduled journeys.Washington Launches Strikes, Tehran RetaliatesOn Thursday, the United States executed an additional wave of airstrikes targeting military installations within Iranian territory. U.S. officials stated the operations were designed to diminish Iran’s capacity to endanger commercial navigation through the Strait of Hormuz.UPDATE: U.S. LAUNCHES SECOND STRIKE WAVE ON IRANThe U.S. carried out a second round of strikes against Iran in 24 hours, hitting around 90 targets after Iran attacked ships in the Strait of Hormuz and escalated strikes across the region.Iran also fired missiles and drones… pic.twitter.com/iLnoBgHp3a— Coin Bureau (@coinbureau) July 9, 2026Tehran countered with ballistic missile and unmanned aerial vehicle attacks on multiple nations allied with Washington, encompassing Bahrain, Kuwait, Qatar, and Jordan. Market observers characterized the exchange as among the most extensive military confrontations since the previous month’s provisional ceasefire arrangement.President Donald Trump declared the assaults on commercial shipping had effectively terminated the ceasefire. He cautioned that the United States would deliver more aggressive responses should Iran target vessels once more.Notwithstanding Trump’s admonition, diplomatic engagement persisted. Iranian Foreign Minister Abbas Araghchi conducted discussions with officials from Saudi Arabia, Oman, and Turkey in efforts to forestall broader regional conflict.Traders Perceive Minimal Threat to Petroleum FlowsAnalysts at IG noted in their assessment that oil’s measured price reaction demonstrates increasing market conviction that hostilities will remain constrained rather than evolving into an extended regional emergency.They highlighted that U.S. military operations have focused on Iranian defense installations, avoiding oil production or export infrastructure. Persian Gulf petroleum shipments have proceeded with minimal disruption.Tanker movements through the Strait of Hormuz have steadily recovered since the June accord reopened the passage. Nevertheless, traffic remains beneath pre-confrontation volumes as insurance providers and vessel operators continue evaluating exposure.IG indicated the primary bullish catalysts for oil would emerge if Washington imposed stricter limitations on Iranian petroleum exports or if combat directly impacted energy infrastructure or maritime corridors.Presently, Gulf shipments have remained consistent and regional reluctance to interrupt commercial maritime activity has helped limit additional price appreciation.Traders are now monitoring weekend developments attentively, including potential military actions, tanker activity patterns, and indications that Persian Gulf crude exports might begin experiencing delays.The post Crude Oil Rallies This Week Despite U.S.-Iran Tensions Remaining Contained appeared first on Blockonomi.