Oil falls 3% but remains on track for 10% weekly gain

July 24, 2026 (MLN): Oil prices fell nearly 3% in early trading on Friday, although crude remained on course to post a weekly gain of about 10%, as escalating military tensions between the United States and Iran continued to fuel concerns over global energy supplies.

Currently, Brent crude futures is down, 2.98%, at $97.71 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $2.31, or 2.51%, to $89.88 per barrel by [04:57 pm] PST.

The latest decline came after a sharp rally earlier in the week driven by geopolitical risks, with investors closely monitoring developments in the Middle East and the security of key oil shipping routes.

The U.S. Central Command (CENTCOM) said it had carried out its 13th consecutive night of strikes against Iran, targeting military command centers, drone storage sites, communications infrastructure, coastal surveillance systems, and maritime assets, according to CNBC.

According to CENTCOM, the operations were aimed at reducing threats to civilian shipping and commercial vessels passing through the Strait of Hormuz.

The command said the strategic waterway remains open to maritime traffic despite recent attacks attributed to Iran's Islamic Revolutionary Guard Corps (IRGC), adding that commercial vessels continue to transit the strait under U.S. military protection.

CENTCOM also stated that more than 50,000 U.S. troops are currently deployed across the Middle East.

Meanwhile, U.S. President Donald Trump said he is weighing a significantly larger military operation against Iran, telling Axios that Tehran has not "received enough pain yet."

"I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it," Trump said.

His remarks followed a warning that Washington would hold Iran accountable for any future attacks carried out by Yemen's Iran-backed Houthi movement after the group claimed responsibility for striking two Saudi oil tankers in the Red Sea.

Trump said any further Houthi attacks would trigger a major U.S. military response against both Iran and the Houthis.

On Thursday, Iran's Revolutionary Guard claimed it had launched attacks on U.S. military facilities at an American base in Jordan, according to Iranian state media.

U.S. Secretary of State Marco Rubio defended the administration's strategy, describing Trump's approach to the conflict as "a head for an eye."

The growing conflict has restored a substantial geopolitical risk premium to oil prices.

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