0702 GMT - Brent crude edge lower in early trading after settling above $100 a barrel, though prices remained on track for weekly gains of more than 12% as threats to Red Sea shipping stoked fears of further supply disruptions. The global oil benchmark falls 1.3% to $99.39 a barrel, while WTI futures slip 1.4% to $90.89 a barrel. "The key question is at what price level pressure begins to build on the Trump administration to return to the negotiating table," analysts at ING say. Based on previous price spikes during the early stages of the conflict, they say pressure to de-escalate would rise significantly if Brent approaches $120 a barrel. For Iran, the more pressing issue is not the level of oil prices, but how long the country can withstand a sharp drop in oil revenue under the U.S. blockade. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

July 24, 2026 03:06 ET (07:06 GMT)

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