Brent held steady around $72 per barrel on Friday, hovering near levels last seen before the Middle East conflict erupted in late February as commercial shipping through the Strait of Hormuz continued to recover amid progress in US-Iran talks. Saudi Arabia’s crude exports have rebounded to about 90% of their pre-war levels as more tankers successfully transit the key waterway, signaling that regional oil supply is gradually normalizing. The UAE has also restored its oil exports to pre-war levels by routing tankers through the Strait of Hormuz without drawing attention and relying on a pipeline that bypasses the chokepoint. Meanwhile, President Donald Trump said negotiations with Iran were progressing well after mediators from Qatar and Pakistan held separate meetings with US and Iranian officials in Doha on Wednesday.

Brent fell to 71.64 USD/Bbl on July 3, 2026, down 0.23% from the previous day. Over the past month, Brent's price has fallen 24.62%, but it is still 4.91% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on July 3 of 2026.

Brent fell to 71.64 USD/Bbl on July 3, 2026, down 0.23% from the previous day. Over the past month, Brent's price has fallen 24.62%, but it is still 4.91% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 77.56 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 83.57 in 12 months time.



Price Day Month Year Date
Crude Oil 68.64 -0.045 -0.07% -26.22% 3.29% Jul/03
Brent 71.95 0.147 0.20% -24.29% 5.36% Jul/03
Natural gas 3.25 0.0545 1.71% -2.56% -4.01% Jul/03
Gasoline 2.92 -0.0011 -0.04% -4.02% 37.76% Jul/03
Heating Oil 3.18 0.0021 0.07% -13.32% 32.19% Jul/03
Coal 129.10 -0.50 -0.39% -11.73% 16.04% Jul/02
Ethanol 1.88 0.0050 0.27% -4.81% 8.67% Jul/01
Naphtha 609.81 -3.93 -0.64% -18.84% 11.72% Jul/02
Propane 0.70 -0.01 -1.82% -16.82% -4.20% Jul/02
Uranium 85.70 -0.3500 -0.41% -0.46% 10.72% Jul/02
Methanol 2,368.00 -2.00 -0.08% -23.81% -2.07% Jul/03
Urals Oil 51.25 -4.94 -8.79% -42.23% -20.31% Jul/02


Brent crude oil
Brent crude oil is one of the principal benchmark prices for oil traded globally. Originating from the North Sea, Brent serves as a key pricing reference for crude oil produced in Europe, Africa, and the Middle East, particularly for supplies moving westward. Due to its broad use in international trade, Brent is widely regarded as a global benchmark for oil pricing. Brent crude is typically classified as light and sweet, meaning it has relatively low density and sulfur content, making it easier to refine into products such as gasoline and diesel. Brent prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official Brent crude benchmarks. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
71.64 71.80 147.50 2.23 1970 - 2026 USD/BBL Daily

News Stream
Brent Hovers Near Pre-War Levels
Brent held steady around $72 per barrel on Friday, hovering near levels last seen before the Middle East conflict erupted in late February as commercial shipping through the Strait of Hormuz continued to recover amid progress in US-Iran talks. Saudi Arabia’s crude exports have rebounded to about 90% of their pre-war levels as more tankers successfully transit the key waterway, signaling that regional oil supply is gradually normalizing. The UAE has also restored its oil exports to pre-war levels by routing tankers through the Strait of Hormuz without drawing attention and relying on a pipeline that bypasses the chokepoint. Meanwhile, President Donald Trump said negotiations with Iran were progressing well after mediators from Qatar and Pakistan held separate meetings with US and Iranian officials in Doha on Wednesday.
2026-07-02
Brent Crude Steadies Near Pre-War Levels
Brent crude oil prices were trading near $71.5 on Thursday, recovering from a 2% decline earlier in the session as traders sought to secure supplies ahead of the extended U.S. Independence Day weekend. Still, prices remained at their lowest level since February 27, as shipping activity through the Strait of Hormuz continued to recover steadily and investors remained hopeful that a permanent peace deal between the U.S. and Iran could be reached. The United Arab Emirates restored its exports to more than 3.9 million barrels per day, while Saudi Arabia ramped up oil exports to Asia, bringing total daily flows through the Strait of Hormuz above 10 million barrels. Meanwhile, President Donald Trump said U.S.-Iran negotiations were progressing well after mediators from Qatar and Pakistan concluded separate meetings with U.S. and Iranian negotiators in Doha on Wednesday.
2026-07-02
Brent Extends Decline
Brent crude oil prices declined by around 2% toward $70 per barrel on Thursday, extending losses for the third straight session to pre-war levels as maritime supply through the Strait of Hormuz rapidly expanded. The United Arab Emirates restored its exports to over 3.9 million barrels daily, pushing total daily Hormuz flows past 10 million barrels. This surge, combined with ongoing emergency reserve releases and ad hoc Saudi sales to Asia, has created a market surplus. Meanwhile, upcoming peace talks in Qatar face delays due to the funeral of Iran's former Supreme Leader Ali Khamenei, which begins on July 4. Geopolitical friction remains high, as Tehran demands maritime control over the strait, while US President Donald Trump reiterated his stance against Iran acquiring nuclear weapons. Meanwhile, US data showed total domestic oil stockpiles fell to their lowest levels since March 2025 after twelve consecutive weeks of drawdowns.
2026-07-02