{"id":128928,"date":"2026-06-26T10:48:31","date_gmt":"2026-06-26T06:48:31","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=128928"},"modified":"2026-06-26T10:48:33","modified_gmt":"2026-06-26T06:48:33","slug":"oil-heads-for-third-straight-weekly-loss-with-7-drop-iran-ship-attack-rattles-peace-deal-but-market-momentum-stays-bearish","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-heads-for-third-straight-weekly-loss-with-7-drop-iran-ship-attack-rattles-peace-deal-but-market-momentum-stays-bearish\/06\/26\/market-updates\/","title":{"rendered":"Oil Heads for Third Straight Weekly Loss With 7% Drop: Iran Ship Attack Rattles Peace Deal but Market Momentum Stays Bearish"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Oil falls further:<\/strong> Brent dropped 1.4% to $74.19 per barrel, while WTI slipped 1.6% to $70.77.<\/li>\n\n\n\n<li><strong>Third weekly decline:<\/strong> Both benchmarks on track for roughly 7% weekly losses \u2014 extending last week&#8217;s peace deal-driven selloff.<\/li>\n\n\n\n<li><strong>War premium nearly gone:<\/strong> Oil prices have erased most of their gains since the Iran conflict began, having surged above $120 at the height of the crisis.<\/li>\n\n\n\n<li><strong>Ship attacked near Oman:<\/strong> A projectile struck a cargo vessel transiting near the Strait of Hormuz, reviving security fears and briefly lifting oil more than 2% Thursday.<\/li>\n\n\n\n<li><strong>U.S. blames Iran:<\/strong> American officials said Iran fired on the vessel, raising questions about the preliminary peace accord&#8217;s durability.<\/li>\n\n\n\n<li><strong>IMO suspends safe passage efforts:<\/strong> The UN&#8217;s International Maritime Organization halted efforts to facilitate safe vessel transit in the region.<\/li>\n\n\n\n<li><strong>But market momentum stays bearish:<\/strong> ING noted the market is &#8220;largely focused on the resumption of oil flows through the Strait of Hormuz, which continues to increase.&#8221;<\/li>\n\n\n\n<li><strong>Hormuz flows at conflict-era highs:<\/strong> Crude shipments through the strait climbed this week to their highest level since the conflict began.<\/li>\n\n\n\n<li><strong>Brent well below recent peaks:<\/strong> The global benchmark has retreated significantly from above $90 earlier this month as settlement hopes build.<\/li>\n\n\n\n<li><strong>Broader peace deal optimism dominates:<\/strong> Markets are increasingly betting a comprehensive U.S.-Iran agreement could restore stable regional flows.<\/li>\n<\/ul>\n\n\n\n<p>Oil prices fell nearly 2% on Friday and remained on track for a third consecutive weekly decline, as improving traffic through the Strait of Hormuz and optimism over a U.S.-Iran peace agreement outweighed renewed concerns after a cargo ship was attacked near Oman.<\/p>\n\n\n\n<p>As of 02:10 ET (06:10 GMT), Brent oil futures expiring in August fell 1.4% to $74.19 per barrel, while West Texas Intermediate crude futures also slipped 1.6% to $70.77 per barrel.<\/p>\n\n\n\n<p>For the week, both Brent and WTI were set to post losses of roughly 7% \u2014 extending declines triggered by last week&#8217;s preliminary U.S.-Iran peace deal.<\/p>\n\n\n\n<p>Oil prices have erased most of their gains since the start of the Iran conflict, after surging above $120 a barrel at the height of the crisis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ship Attack Near Oman Revives Security Fears<\/h2>\n\n\n\n<p>Both benchmarks had gained more than 2% in the previous session after a projectile struck a cargo vessel transiting near the Strait of Hormuz, reviving fears over the security of one of the world&#8217;s most important energy chokepoints.<\/p>\n\n\n\n<p>The attack prompted the United Nations&#8217; International Maritime Organization to suspend efforts aimed at facilitating safe passage for vessels and crews in the region.<\/p>\n\n\n\n<p>U.S. officials later said Iran had fired on the ship, raising questions about the durability of a preliminary peace accord between Washington and Tehran that had helped reopen the waterway after months of disruption.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market Momentum Remains Firmly Bearish<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Crude shipments through the strait climbed this week to their highest level since the conflict began earlier this year.<\/p>\n\n\n\n<p>Brent crude has retreated significantly from peaks above $90 a barrel seen earlier in the month, as traders increasingly bet that a broader U.S.-Iran settlement could restore more stable flows from the region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Oil falls further: Brent dropped 1.4% to $74.19 per barrel, while WTI slipped 1.6% to $70.77. Third weekly decline: Both benchmarks on track for roughly 7% weekly losses \u2014 extending last week&#8217;s peace deal-driven selloff. War premium nearly gone: Oil prices have erased most of their gains since the Iran conflict began, having &hellip;<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49,39,36],"tags":[],"class_list":["post-128928","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","category-global-stock-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=128928"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128928\/revisions"}],"predecessor-version":[{"id":128929,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/128928\/revisions\/128929"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=128928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=128928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=128928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}