Brent Bounces Back

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

Brent crude oil approached $73 a barrel on Tuesday after attacks on commercial shipping in and around the Strait of Hormuz heightened concerns over more disruptions to global energy supplies.

The incident renewed concerns among shipowners and raised questions over the durability of the US-Iran agreement aimed at preventing attacks in the strategic waterway.

Also, the Iranian Foreign Minister said that final peace negotiations would stall if geopolitical threats persist.

Still, oil remained near its lowest level since late February, as growing supply expectations continued to weigh on the market.

Reports indicated that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each.

Meanwhile, Saudi Aramco cut the price of its Arab Light crude for Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.



News Stream
Brent Bounces Back
Brent crude oil approached $73 a barrel on Tuesday after attacks on commercial shipping in and around the Strait of Hormuz heightened concerns over more disruptions to global energy supplies. The incident renewed concerns among shipowners and raised questions over the durability of the US-Iran agreement aimed at preventing attacks in the strategic waterway. Also, the Iranian Foreign Minister said that final peace negotiations would stall if geopolitical threats persist. Still, oil remained near its lowest level since late February, as growing supply expectations continued to weigh on the market. Reports indicated that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each. Meanwhile, Saudi Aramco cut the price of its Arab Light crude for Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.
2026-07-07
Brent Climbs After LNG Carrier Hit Near Hormuz
Brent crude rose toward $73 per barrel on Tuesday, reaching a one-week high after a fully laden LNG carrier owned by a Qatar state shipping company was struck by a projectile near the Omani coast while exiting the Strait of Hormuz. The incident renewed concerns among shipowners and raised questions over the durability of the US-Iran agreement aimed at preventing attacks in the strategic waterway. Even so, oil prices remained close to their lowest levels since late February as growing supply expectations continued to weigh on the market. Reports indicated that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each. Saudi Aramco also cut the price of its Arab Light crude for Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.
2026-07-07
Brent Pressured by Rising Supply
Brent traded above $72 per barrel on Tuesday, but remained close to its lowest levels in more than four months as signs of rising supply continued to weigh on prices, while vessel traffic through the Strait of Hormuz kept recovering. Reports showed that at least eight Japan-linked ships exited the strategic waterway via a route near Iran, including five supertankers capable of carrying 2 million barrels of crude each. Meanwhile, Saudi Arabian oil giant Saudi Aramco cut the price of its Arab Light crude for Asian buyers next month by $11 a barrel to a $1.50 discount against the regional benchmark, reflecting softer market conditions. The last two times the company offered the grade at a discount were during oil price wars in 2020 and 2015. The price cut came after OPEC+ members, led by Saudi Arabia, agreed over the weekend to increase production quotas for next month, reinforcing expectations of stronger global supply.
2026-07-06