Brent holds above USD 76 as the waiver window shrinks

Brent crude held above USD 76 a barrel and was on track for a weekly gain of roughly 6 percent as renewed U.S.-Iran strikes and the Hormuz closure kept a risk premium in the market. The U.S. Treasury moved the cutoff for permitted Iranian crude sales up to 12:01 a.m. EDT on July 17, from the previously authorized August 21, tightening the supply outlook.

Why this matters. Oil is back to pricing war risk rather than the post-MOU glut: the July 17 waiver cutoff and stalled Hormuz traffic set up another leg higher if shipping does not normalize before the deadline.