Crude Oil Prices Set for Weekly Rise Amid Red Sea Shipping Attacks and Kazakhstan Output Cuts | July 24, 2026

Crude oil prices edged lower in early trading on Friday, July 24, 2026, but were still set to record strong weekly gains as escalating geopolitical tensions and supply disruptions fuelled concerns over global oil availability. 

Brent crude futures slipped 0.72% to US$99.97 per barrel, while West Texas Intermediate (WTI) crude declined 0.76% to US$91.49 per barrel. Despite the modest pullback, Brent remained on track for a weekly gain of 13.5%, while WTI was poised to rise 10.9%. 

Red Sea Attacks Raise Supply Concerns 

Oil prices surged after Iran-backed Houthi forces claimed responsibility for attacks on two Saudi oil tankers in the Red Sea. The incidents heightened fears that the Bab el-Mandeb shipping route, a vital link connecting the Red Sea to the Indian Ocean, could face disruption. 

The waterway is one of the world's most important energy transit routes after the Strait of Hormuz. Any prolonged disruption could significantly affect global crude oil shipments and tighten supply. 

Kazakhstan Output Adds to Market Pressure 

Further support for oil prices came after Kazakhstan temporarily reduced crude production following the closure of its main Black Sea export route. The disruption occurred after suspected drone attacks forced the Caspian Pipeline Consortium terminal to suspend oil loadings. 

The export route handles around 2% of global daily crude supply, and reports indicated that output from Kazakhstan's largest oil field was cut by more than half. 

Read More: HEG Share Price Gains Over 6% After Q1 FY27 Earnings Results: Total Income Up 7.6% YoY! 

Market Focus Remains on Geopolitical Risks 

Investors are closely monitoring developments in the Middle East after US President Donald Trump warned that Iran would be held responsible for any further attacks. The combination of shipping disruptions and production cuts has reinforced concerns about tighter global energy supplies. 

Conclusion 

Crude oil prices remain supported by rising geopolitical tensions and supply-side risks. Traders are expected to closely monitor developments in the Red Sea and Kazakhstan, as any further disruption to key export routes could keep energy markets volatile in the near term. 

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