Crude oil fell below $71 per barrel on Friday, reversing the previous session's gains as investors assessed rising shipping activity through the Strait of Hormuz despite a vessel being struck by an unidentified projectile off the coast of Oman. The incident revived security concerns and heightened fears that Iran could exert greater control over traffic in the key waterway, while several commercial ships turned back, threatening the progress achieved through US-Iran peace efforts. Washington and Tehran continue to negotiate a permanent agreement to end the conflict, though talks on key issues such as nuclear policy are expected to remain prolonged. Even with the latest disruption, oil flows from the Persian Gulf through Hormuz reached their fastest pace since the war began. Middle Eastern producers are ramping up output despite difficulties securing enough tankers to transport the additional crude. WTI crude is on track for a third straight weekly drop.

Crude Oil fell to 70.89 USD/Bbl on June 26, 2026, down 1.43% from the previous day. Over the past month, Crude Oil's price has fallen 20.06%, but it is still 8.20% 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 June 26 of 2026.

Crude Oil fell to 70.89 USD/Bbl on June 26, 2026, down 1.43% from the previous day. Over the past month, Crude Oil's price has fallen 20.06%, but it is still 8.20% 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 77.70 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 91.38 in 12 months time.



Price Day Month Year Date
Crude Oil 70.69 -1.232 -1.71% -20.29% 7.89% Jun/26
Brent 74.07 -1.190 -1.58% -19.71% 10.88% Jun/26
Natural gas 3.33 0.0375 1.14% 7.67% -10.87% Jun/26
Gasoline 2.98 -0.0427 -1.41% -2.69% 43.44% Jun/26
Heating Oil 3.27 -0.0313 -0.95% -7.42% 41.60% Jun/26
Coal 143.20 -0.35 -0.24% 7.99% 34.90% Jun/25
Ethanol 1.87 0 0% -5.56% 11.31% Jun/25
Urals Oil 58.83 -3.52 -5.65% -36.71% -8.45% Jun/24



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -0.77 -8.33 BBL/1Million Jun 2026
Saudi Arabia Crude Oil Production 7010.00 6879.00 BBL/D/1K May 2026
United States Crude Oil Production 13696.00 13697.00 BBL/D/1K Mar 2026
Russia Crude Oil Production 9976.55 10026.55 BBL/D/1K Feb 2026
United States Crude Oil Stocks Change -6.09 -8.26 BBL/1Million Jun 2026
United States Weekly Crude Oil Production 13819.00 13806.00 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
70.89 71.92 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Resumes Decline After Hormuz Incident
Crude oil fell below $71 per barrel on Friday, reversing the previous session's gains as investors assessed rising shipping activity through the Strait of Hormuz despite a vessel being struck by an unidentified projectile off the coast of Oman. The incident revived security concerns and heightened fears that Iran could exert greater control over traffic in the key waterway, while several commercial ships turned back, threatening the progress achieved through US-Iran peace efforts. Washington and Tehran continue to negotiate a permanent agreement to end the conflict, though talks on key issues such as nuclear policy are expected to remain prolonged. Even with the latest disruption, oil flows from the Persian Gulf through Hormuz reached their fastest pace since the war began. Middle Eastern producers are ramping up output despite difficulties securing enough tankers to transport the additional crude. WTI crude is on track for a third straight weekly drop.
2026-06-25
Oil Rebounds as Tanker Incident Sparks Fears
Crude oil rose nearly 2% to $71.6 a barrel on Thursday as traders monitored shipments through the Strait of Hormuz after a cargo ship was struck by an unknown projectile off the Omani coast. Reported by the maritime group UKMTO, the incident renewed safety concerns regarding the vital shipping corridor and fueled anxieties over Iran dictating transit while negotiating a permanent end to its war with the US. Several commercial ships reversed course, threatening the normalization of regional oil flows. Despite the disruption, Saudi Arabian tankers continued toward the major Ras Tanura terminal to resume Persian Gulf exports for the first time since March, and Qatar issued its first post-war crude tender. Market attention remains fixed on a potential 2026 global supply surplus, prompting Iraq to demand a higher OPEC production quota. In the US, tightness persisted as stockpiles at Cushing fell below operational requirements to 19 million barrels.
2026-06-25
Oil Hovers at Pre-War Levels
Crude oil edged up to $70.7 a barrel on Thursday after three days of losses, but remained near pre-war levels, as progress in US-Iran peace efforts improved the supply outlook. Growing confidence in a lasting agreement has encouraged more tankers to transit the Strait of Hormuz with their tracking signals turned on. Saudi Arabian tankers are heading toward the Ras Tanura terminal to restart Persian Gulf exports for the first time since March. In addition, a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to boost supply. As oil streams through the waterway at its fastest wartime pace, market attention is shifting toward an anticipated 2026 global supply surplus, prompting Iraq to threaten to leave OPEC unless its production quota is increased. Meanwhile, US stockpiles at Cushing, Oklahoma, are below operational requirements at roughly 19 million barrels.
2026-06-25