Crude oil prices rise 10% this week but China enters fray to push for end to Iran war. What’s next?

July 25, 2026

Crude oil futures experienced a significant decline on Friday. This drop followed reports of China’s initiative to restart stalled US-Iran peace negotiations. Despite the fall, both Brent and West Texas Intermediate crude are set for weekly gains. Geopolitical developments continue to heavily influence global oil prices and supply concerns. Experts warn of potential price surges if shipping disruptions persist in key waterways.

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