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Line chart tracking WTI and Brent crude oil prices at key event dates from January to July 2026.

Iran's IRGC struck U.S. positions in Qatar and Jordan this week, marking the first time the conflict has reached those two countries, yet crude prices fell for a second straight day. Vessel-tracking data showed only a partial decline in Strait of Hormuz shipping traffic, and analysts say the strikes have not changed Iran's underlying strategy of pressuring Gulf states rather than attempting to close the strait by force. For scale, a single-day round trip from $115.78 to $76.10 in March remains larger than anything this week's escalation has produced.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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