{"id":17438,"date":"2026-07-02T07:05:33","date_gmt":"2026-07-02T07:05:33","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=17438"},"modified":"2026-07-02T07:05:33","modified_gmt":"2026-07-02T07:05:33","slug":"global-crude-oil-prices-today-july-2-2026-brent-crude-falls-to-70-80","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/17438\/","title":{"rendered":"Global Crude Oil Prices Today (July 2, 2026) \/ Brent Crude Falls to $70.80"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Brent crude futures dropped 77 cents, or 1.1%, to settle at $70.80 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 84 cents, or 1.2%, to $67.74 per barrel.<\/p>\n

According to Roydad Naft, oil prices declined by around 1% on Thursday, marking the third consecutive day of losses. The drop came after Qatar announced that Iran and the United States had made progress in indirect talks over the Strait of Hormuz.<\/p>\n

Qatar\u2019s Foreign Ministry spokesperson said in a post on X (formerly Twitter) that the discussions had achieved \u201cpositive progress\u201d on issues related to the understanding that halted the war in June.<\/p>\n

However, there were no indications of advancement toward a lasting peace between the two sides.<\/p>\n

As of 02:56 GMT, Brent futures were down 77 cents, or 1.1%, at $70.80 per barrel, while WTI crude fell 84 cents, or 1.2%, to $67.74. Both benchmarks had already dropped more than 1% in the previous session, reaching their lowest levels in four months.\u00a0<\/span><\/p>\n

Haitong Futures noted in a report that with the Strait of Hormuz remaining open and crude oil flows continuing, expectations of oversupply are rising, intensifying competition for market share and pushing prices lower.<\/p>\n

Informed sources said on Wednesday that OPEC+ producers are likely to agree on further increases to production targets from August at their meeting on Sunday.<\/p>\n

UBS also lowered its Brent price forecast on Thursday, citing the U.S.-Iran understanding and the resulting increase in oil shipments through the Strait of Hormuz.<\/p>\n

The bank cut its September quarter forecast by $25 and its December quarter outlook by $10. Brent is now expected to average $80 per barrel in the second half of the year and $75 in 2027.<\/p>\n

\u201cNevertheless, we believe it is still too early to assume full normalization, and we see upside price risks as inbound tankers to the Gulf continue to lag outbound ones,\u201d UBS said.<\/p>\n

Qatar\u2019s Foreign Ministry also announced that the next round of talks between Iranian and U.S. negotiators will take place after the funeral of Iran\u2019s late Supreme Leader, Ayatollah Ali Khamenei, on July 9.<\/p>\n

Updated on