Brent Tops $76

2026-07-07 19:24 By Joana Taborda 1 min. read

Brent extended its gains on Tuesday, rising about 6% to around $76 per barrel as geopolitical tensions in the Middle East intensify.

A US official told CNBC that the Treasury Department is revoking the waiver allowing Iran to sell its oil after recent attacks on tankers in the Strait of Hormuz.

According to Qatar’s Ministry of Foreign Affairs, Iran attacked the Qatari LNG tanker Al-Rekayyat and another tanker transiting the strait was reportedly struck by an unidentified projectile.

Iran’s foreign minister said that final peace negotiations would not move forward as long as security threats persist.

President Trump warned that the two countries would either reach an agreement or the US would "finish the job," renewing the prospect of military action.

Meanwhile, Saudi Aramco cut the official selling price of its Arab Light crude for Asian buyers by $1.10 per barrel for next month, widening the discount to $1.50 below the regional benchmark amid softer market conditions.



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