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Oil prices pulled back from $100, but the weekly chart is still expected to close up more than 10%.

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Jinse Finance reports that on July 24, Friday, Brent crude oil futures fell by more than 3%, having previously once broken above the $100 mark. However, due to worsening disruptions to energy transportation through the Red Sea and growing concerns about further escalation of the Iran war, oil prices this week are still expected to rise sharply, with the weekly gain still standing at 10%. “As the United States continues to carry out attacks on Iran, the Houthis further involve themselves in the Red Sea, and the CPC pipeline is disrupted, crude oil supply is once again squeezed, and prices inevitably rise,” Rystad analyst Janif Shad said, adding that the disruption situation at the Strait of Hormuz now appears to be approaching the peak levels seen in March. (Jin10)
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