Brent Crude Oil Holds Below $72

2026-07-06 11:29 By Agna Gabriel 1 min. read

Brent Crude oil traded below $72 a barrel on Monday, hovering near its lowest levels since late February as maritime flows through the Strait of Hormuz steadily recovered and OPEC+ signaled an increase in global supplies.

OPEC+ members approved a quota increase of 188,000 barrels per day for next month, continuing a progressive unwinding of long-standing production curbs as market conditions normalize.

Major Persian Gulf producers are rapidly accelerating output, with Saudi exports approaching pre-war levels.

Also, the United Arab Emirates, which exited OPEC during the recent regional conflict, has fully restored its shipping flows.

Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing, after several vessels made unexplained U-turns and detours along the critical energy route.

Meanwhile, Saudi Arabia reduced the selling price of its main crude grade to Asia, lowering the August premium to a $1.50 per barrel discount to the Oman/Dubai benchmark.



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Brent Crude Oil Holds Below $72
Brent Crude oil traded below $72 a barrel on Monday, hovering near its lowest levels since late February as maritime flows through the Strait of Hormuz steadily recovered and OPEC+ signaled an increase in global supplies. OPEC+ members approved a quota increase of 188,000 barrels per day for next month, continuing a progressive unwinding of long-standing production curbs as market conditions normalize. Major Persian Gulf producers are rapidly accelerating output, with Saudi exports approaching pre-war levels. Also, the United Arab Emirates, which exited OPEC during the recent regional conflict, has fully restored its shipping flows. Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing, after several vessels made unexplained U-turns and detours along the critical energy route. Meanwhile, Saudi Arabia reduced the selling price of its main crude grade to Asia, lowering the August premium to a $1.50 per barrel discount to the Oman/Dubai benchmark.
2026-07-06
Brent Holds Decline on Supply Glut Worries
Brent traded below $72 per barrel on Monday, hovering near its lowest levels since late February as recovering energy flows through the Strait of Hormuz and expectations of higher OPEC+ output fueled concerns over a potential supply glut. OPEC+ members approved another modest increase in collective production quotas for next month, with seven countries led by Saudi Arabia and Russia agreeing to raise output by 188,000 barrels per day. The decision reflects the group’s confidence in boosting production as conditions across the Middle East continue to stabilize. Major Persian Gulf producers have also been increasing supply, with Saudi Arabia’s exports climbing close to pre-war levels, while the UAE, which left OPEC during the conflict, has likewise restored shipments. Meanwhile, oil and gas tanker traffic through the Strait of Hormuz showed signs of normalizing on Sunday, a day after several vessels made unexplained U-turns and detours along the critical energy route.
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Brent Hovers Near Pre-War Levels
Brent crude oil prices fluctuated around $72 a barrel in thin Friday trading, 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. Specifically, crude exports from Saudi Arabia climbed back to 90% of their pre war baseline, matching a strong supply rebound in the United Arab Emirates. Iraq is likewise showing tentative signs of shipping recovery, while a sizable inventory of Iranian oil continues to accumulate at sea. Also, 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.
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