Oil’s Supply Wave, Tumbling Prices Rekindle Fears of Glob…

Oil prices are experiencing a significant decline as a peace agreement between the US and Iran leads to an influx of supply, resulting in concerns about a crude glut. This decline is notable given that just three months prior, oil prices had reached historic highs, with industry leaders expressing worries over critically low global inventories.

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There has been a flood of more than 60 million trapped barrels that were frozen in place when the war began.

There has been a flood of more than 60 million trapped barrels that were frozen in place when the war began. Photographer: SeongJoon Cho/Bloomberg

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By Alex Longley, Yongchang Chin, Grant Smith, and Jack Farchy

July 4, 2026 at 8:31 AM EDT

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Oil prices are falling everywhere as a peace deal between the US and Iran unleashes a wave of supply, overwhelming demand from buyers and prompting talk of a glut of crude.

It’s a staggering turnaround: less than three months ago the world’s main physical oil benchmark hit an all-time high, and only a few weeks ago senior industry executives were warningBloomberg Terminal that global inventories were reaching critically low levels.

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Oil’s Supply Wave, Tumbling Prices Rekindle Fears of Global Glut