Oil prices fell on Friday but still ended the week higher because the conflict between the United States and Iran continued to raise concerns about global energy supplies. Crude oil settled around $71 per barrel, recording a weekly gain of about 4%. Markets were encouraged by reports that the US and Iran will continue technical and peace talks despite renewed military exchanges and uncertainty over the ceasefire. However, shipping through the Strait of Hormuz, a critical route for around 20% of the world's oil and gas trade, remains significantly disrupted, keeping a risk premium in oil prices. The market expects the conflict to remain limited, but reduced tanker traffic and possible supply interruptions continue to support prices. Meanwhile, the International Energy Agency warned that prolonged tensions could delay rebuilding global oil inventories and disrupt the expected oil market balance.

Crude Oil fell to 71.51 USD/Bbl on July 10, 2026, down 0.79% from the previous day. Over the past month, Crude Oil's price has fallen 18.47%, but it is still 4.47% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on July 10 of 2026.

Crude Oil fell to 71.51 USD/Bbl on July 10, 2026, down 0.79% from the previous day. Over the past month, Crude Oil's price has fallen 18.47%, but it is still 4.47% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 75.52 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 85.79 in 12 months time.



Price Day Month Year Date
Crude Oil 71.51 -0.570 -0.79% -18.47% 4.47% Jul/10
Brent 76.00 -0.300 -0.39% -15.91% 8.02% Jul/10
Natural gas 2.95 -0.0640 -2.12% -4.50% -11.04% Jul/10
Gasoline 2.99 -0.0529 -1.74% -3.73% 36.27% Jul/10
Heating Oil 3.53 -0.0377 -1.06% 0.59% 44.39% Jul/10
Coal 128.60 -1.35 -1.04% -14.81% 15.86% Jul/10
Ethanol 1.96 0.0275 1.42% 4.53% 10.73% Jul/10
Urals Oil 55.12 -1.96 -3.43% -29.68% -15.15% Jul/09



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -0.40 -6.07 BBL/1Million Jul 2026
Saudi Arabia Crude Oil Production 7010.00 6879.00 BBL/D/1K May 2026
United States Crude Oil Production 13934.00 13718.00 BBL/D/1K Apr 2026
Russia Crude Oil Production 9976.61 9976.48 BBL/D/1K Mar 2026
United States Crude Oil Stocks Change 3.00 -3.78 BBL/1Million Jul 2026
United States Weekly Crude Oil Production 13810.00 13819.00 Thousand Barrels Per Day Jun 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil 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 WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. 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
71.51 72.08 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Posts Weekly Gain as Hormuz Risks Persist
Oil prices fell on Friday but still ended the week higher because the conflict between the United States and Iran continued to raise concerns about global energy supplies. Crude oil settled around $71 per barrel, recording a weekly gain of about 4%. Markets were encouraged by reports that the US and Iran will continue technical and peace talks despite renewed military exchanges and uncertainty over the ceasefire. However, shipping through the Strait of Hormuz, a critical route for around 20% of the world's oil and gas trade, remains significantly disrupted, keeping a risk premium in oil prices. The market expects the conflict to remain limited, but reduced tanker traffic and possible supply interruptions continue to support prices. Meanwhile, the International Energy Agency warned that prolonged tensions could delay rebuilding global oil inventories and disrupt the expected oil market balance.
2026-07-10
Oil Prices on Track for Weekly Gain
Crude oil slipped to around $71.2 per barrel on Friday but remained on track for a weekly gain of about 3.5% as renewed US-Iran tensions disrupted shipping through the Strait of Hormuz and raised supply concerns. Markets continued to monitor developments after fresh attacks strained the ceasefire, although talks between Washington and Tehran are expected to continue. President Donald Trump said the two sides had agreed to keep negotiations open but warned that the ceasefire was effectively over following renewed hostilities. Earlier reports indicated technical discussions could resume, with a Qatari delegation arriving in Iran as part of diplomatic efforts. The IEA cautioned that a prolonged escalation could undermine plans to rebuild global oil inventories later this year. Meanwhile, the United Arab Emirates increased crude production to a record high last month, highlighting efforts by Gulf producers to maintain exports despite ongoing uncertainty.
2026-07-10
Oil Heads for Weekly Gain
Crude oil held above $72 per barrel on Friday and remained on track for a weekly gain of nearly 5% as renewed US-Iran strikes delayed a full recovery in tanker traffic through the Strait of Hormuz. Despite the escalation, negotiations between Washington and Tehran toward a longer-term agreement are reportedly continuing, with technical discussions still underway. The International Energy Agency warned that a prolonged conflict could disrupt efforts to rebuild global oil inventories later this year after recent supply losses. Market attention remained focused on the impact on regional energy flows, with vessel tracking data showing traffic through Hormuz stayed significantly below normal levels. However, the United Arab Emirates raised crude production to a record high last month, highlighting efforts by Gulf producers to offset disruptions.
2026-07-10