Brent Extends Decline

2026-07-02 11:32 By Agna Gabriel 1 min. read

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.



News Stream
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
Brent Extends Decline on Rising Supply
Brent fell below $71 per barrel on Thursday, reaching its lowest level since late February as oil shipments through the Strait of Hormuz continued to increase and investors welcomed signs of progress in indirect US-Iran talks. A US official said crude flows through the strategic waterway exceeded 10 million barrels per day with support from the American military. The UAE’s oil exports have also returned to pre-war levels through workarounds. Meanwhile, Iranian oil exports jumped above 40 million barrels following the lifting of a US naval blockade, while record Russian shipments contributed to a significant buildup in seaborne inventories. At the same time, President Donald Trump praised the progress in negotiations, and Qatar said the next round of talks would be held as soon as possible. However, Tehran continued to insist on retaining maritime administrative control over the strait.
2026-07-01
Brent Crude Oil Extends Decline
Brent crude oil fell to around $72 per barrel on Wednesday, the lowest since February 27, as traders assessed ongoing US–Iran peace negotiations and a gradual recovery in shipping through the Strait of Hormuz. US negotiators Jared Kushner and Steve Witkoff held constructive talks in Qatar, with a senior administration official saying technical discussions with Iran are advancing as part of indirect efforts to reduce tensions over the key waterway linking Persian Gulf producers to global markets. Tanker flows are showing tentative improvement following exchanges of strikes over the weekend, but remain below pre-war levels. At the same time, Iranian exports surged past 40 million barrels following the removal of a US naval blockade, while record-breaking Russian shipments have caused a notable accumulation of seaborne inventory. However, Tehran continued to insist on maritime administrative control over the strait.
2026-07-01