Oil Prices Rise for First Weekly Gain in Three Weeks as Strait of Hormuz Drone Attack Adds Supply Risk

TLDR

• Brent crude rose 1% to $87.90 and WTI gained 1.6% to $82.56 on Friday
• A drone struck a tanker in the Strait of Hormuz, adding to supply uncertainty
• The US and Iran remain at odds over control of the waterway
• OPEC and the IEA both cut their oil demand forecasts for the year
• Wall Street edged higher after US inflation data came in at 0.1% for July

Oil prices are on track for their first weekly gain in three weeks, pushed higher by ongoing uncertainty around the Strait of Hormuz. A fresh drone attack on a tanker in the waterway has kept traders on edge about global supply flows.

Brent crude was up around 1% on Friday at $87.90 a barrel. West Texas Intermediate rose 1.6% to $82.56. Both benchmarks were up around 5% for the week.

The United Kingdom Maritime Trade Operations agency confirmed a tanker was hit by an uncrewed aerial vehicle while attempting to leave the strait. The vessel suffered minor damage and the crew were reported safe. No environmental damage was recorded.

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