Oil Price Today (July 17): Crude oil jumps 12% this week as Hormuz, Red Sea closure risks loom. What are experts saying?

Crude oil prices surged about 12% this week with Brent at $85.28 per barrel and WTI at $79.98 per barrel as escalating US-Iran military tensions raised the risk of Strait of Hormuz and Red Sea route closures. Nuvama warned an extended Hormuz closure could disrupt nearly 20 million barrels per day of crude flows, potentially pushing prices to between $110 and $150 per barrel. Goldman Sachs sees Brent potentially rising above $110 in Q4 if Gulf export recovery is delayed, though it expects prices to retreat to the $60s if geopolitical tensions ease.