Oil Eases to $76 as US-Iran Strikes Test Hormuz Recovery

Oil prices eased July 10 with Brent slipping 0.3% to $76.07 and WTI at $71.86 after rising nearly 8% earlier in the week on renewed US-Iran strikes. Markets had first driven prices into the low $70s as OPEC+ hiked August output targets by 188,000 bpd, Gulf exports recovered above 10 million bpd, and Hormuz tanker flows normalized. The latest pullback shows traders shifting focus from immediate disruption fears to fragile diplomacy, even as depleted global stocks and lingering security risks sustain elevated volatility.