Oil prices edged higher on Friday, July 10, 2026, following yesterday’s pullback amid reports that the United States and Iran plan to resume diplomatic negotiations. Brent crude is trading near $77 per barrel—down roughly 2% from the previous session—after news emerged that Washington and Tehran intend to continue peace talks despite recent escalations in hostilities. Those tensions had disrupted oil and liquefied natural gas (LNG) shipments through the Strait of Hormuz.
Weekly Gains Amid Geopolitical Volatility
Despite Friday’s modest dip, Brent crude remains on track for a weekly gain of approximately 6%. That rally follows two consecutive days of U.S. military strikes on Iranian targets—retaliation for recent attacks on vessels in the Strait of Hormuz—which triggered Iranian counterstrikes against U.S. bases across the region.
U.S. West Texas Intermediate (WTI) crude is trading near $73 per barrel and is also headed for a roughly 5% weekly increase.
Markets Watch Trump’s Remarks and Hormuz Uncertainty
Traders are closely monitoring statements from former U.S. President Donald Trump, who recently voiced skepticism about the prospects of a temporary peace agreement—a sentiment that contributed to sharp slowdowns in maritime traffic through the Strait of Hormuz this week. Markets remain on high alert, assessing whether cargo transit will stabilize in the coming days.
The strategic waterway continues to serve as a key flashpoint in ongoing U.S.-Iran negotiations.