The page discusses recent trends in oil prices, highlighting that oil futures are on track for a fourth consecutive weekly loss due to the reopening of the Strait of Hormuz, which has increased oil flows and alleviated concerns about supply shortages. Brent crude prices have fallen into the low $70s per barrel, while WTI crude hovers below $70. Analysts report that the forward curve for Brent is moving into contango, indicating an easing of immediate supply concerns. Gulf producers, especially Saudi Arabia, are increasing oil exports, taking advantage of the negotiation period with Iran before it expires.

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	WTI Crude •20 hours	68.78	+0.09	+0.13%
	Brent Crude •20 hours	72.12	+0.32	+0.45%
	Murban Crude •16 mins	66.48	+1.26	+1.93%
	Natural Gas •20 hours	3.245	+0.049	+1.53%
	Heating Oil •20 hours	3.257	+0.074	+2.34%
	Gasoline •20 hours	2.953	+0.036	+1.23%
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Gasoline •20 hours	2.953	+0.036	+1.23%
Heating Oil •20 hours	3.257	+0.074	+2.34%
WTI Midland •22 hours	68.87	+0.20	+0.29%
Opec Basket •10 days	77.37	-2.89	-3.60%
Indian Basket •10 days	70.71	-4.57	-6.07%

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	Marine •683 days	75.08	-2.22	-2.87%
	Murban •683 days	76.34	-1.97	-2.52%
	Iran Heavy •369 days	64.96	-0.76	-1.16%
	Basra Light •1677 days	71.69	-3.60	-4.78%
	Saharan Blend •369 days	68.65	-0.72	-1.04%
	Bonny Light •124 days	67.66	+3.95	+6.20%
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Bonny Light •124 days	67.66	+3.95	+6.20%
Girassol •683 days	79.56	-1.80	-2.21%
Opec Basket •10 days	77.37	-2.89	-3.60%

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	Canadian Crude Index •1130 days	53.57	-1.23	-2.24%
	Western Canadian Select •1 day	56.34	+0.11	+0.20%
	Canadian Condensate •1 day	70.84	+0.11	+0.16%
	Premium Synthetic •1 day	69.09	+0.11	+0.16%
	Sweet Crude •1 day	62.94	+0.11	+0.18%
	Peace Sour •1 day	60.69	+0.11	+0.18%
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Peace Sour •1 day	60.69	+0.11	+0.18%
Light Sour Blend •1 day	60.94	+0.11	+0.18%
Syncrude Sweet Premium •1 day	65.19	+0.11	+0.17%
Central Alberta •1 day	60.54	+0.11	+0.18%

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	Louisiana Light •11 days	76.15	-6.03	-7.34%
	Domestic Swt. @ Cushing •9 days	68.40	+1.58	+2.36%
	Giddings •9 days	62.15	+1.58	+2.61%
	ANS West Coast •11 days	86.99	-2.91	-3.24%
	West Texas Sour •9 days	70.15	+1.58	+2.30%
	Eagle Ford •9 days	68.40	+1.58	+2.36%
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Eagle Ford •9 days	68.40	+1.58	+2.36%
Oklahoma Sweet •9 days	69.25	+2.00	+2.97%
Kansas Common •9 days	58.75	+1.58	+2.76%
Buena Vista •460 days	70.40	+1.10	+1.59%

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All Charts

Headlines
18 hoursOPEC Oil Production Jumps, But Gulf Supply Is Still Far From Normal
20 hoursRussia Scrambles for Asian Jet Fuel as Crisis Deepens
21 hoursDOJ Urges States to Enforce Fuel Price-Gouging Laws
22 hoursTotalEnergies Offers Millions of Barrels of Iraqi Crude to Asian Buyers
23 hoursJapan's Top Oil Refiner Eyes a Post-Hormuz Future
1 daySoaring Imports Push India’s Crude Stocks to Near 1-Year High
1 dayCiti: Oil Could Sink to $60 as Hormuz Traffic Normalizes
1 dayIndia Denies Directly Exporting Fuel to Russia, But Admits Traders May Be
1 dayOil Set for Fourth Straight Weekly Loss as Hormuz Flows Return
1 dayPJM on Maximum Alert to Prevent Outages Amid Extreme Heat Wave
1 dayJapan's LNG Imports Fall 7% as Utilities Chase Cheaper Coal
1 dayAlberta and Ottawa Greenlight New Pacific Pipeline
1 dayIndia Coal Power Generation Jumps 14% in June
2 daysCarney Backs B.C. Tanker Ban as Alberta Unveils Pipeline Plan
2 daysIran Tightens Grip on Strait of Hormuz Tanker Traffic
2 daysTrump Administration Advances New California Oil Lease Plans
2 daysKuwait Wants Consortiums to Bid for $7 Billion Oil Pipeline Deal
2 daysKyrgyzstan Scrambles for Backup Fuel Supplies as Russian Shortage Bites
2 daysNigeria's NNPC Revenue Drops in May Despite Higher Oil Output
2 daysIndia Fast-Tracks State Company Stake Sales to Cover Oil Shock Costs
2 daysJapanese Banks Commit $496 Million to India's Power Grid Expansion
2 daysSaudi Arabia Rushes Crude Exports Through Reopened Strait of Hormuz
2 daysAI Boom Drives Record Surge in Battery Demand
2 daysChinese Teapots Snap Up Middle East Crude As Prices Slide
2 daysEU Bows to Tech Lobby, Drops Ten-Year Renewables Rule for Data Centers
2 daysIran Exports Crude at 20% Premium Even as Unsold Barrels Pile Up at Sea
3 daysKKR Makes Largest Ever Clean Energy Investment With $4.2B EDF Purchase
3 daysUkraine’s Drone Campaign Forces Russia to Buy Gasoline From India
3 daysSaudi Aramco Slashes July LPG Prices as Global Supply Swells
3 daysRenewables Hit Record 58% Share of Germany's Power Consumption
3 daysJapan's Biggest LNG Buyer Creates Long-Term LNG and Lower-Carbon Fuels Company
3 daysEU Industry Splits Over Emissions Trading Scheme Overhaul
3 daysEni Forms Trading Venture With Mercuria to Boost Commodity Profits
3 daysKKR and SK Launch South Korea’s Largest Renewable Energy Platform
3 daysGoldman Sachs Warns Oil Inventory Rebuild Won’t Prevent 2027 Supply Glut
3 daysAmerica Bets $50 Billion on Coal and Gas Power as Electricity Demand Soars
3 daysShell Offloads 50% Stake in Na Kika Platform for $1.7 Billion
3 daysOil Prices Reflect Optimism That Hormuz Has Yet to Justify
4 daysUS Crude Oil Inventories Keep Falling As Hormuz Flows Slow To Start
4 daysThe Oil Benchmark Named Brent Is Losing Its Brent

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OPEC Oil Production Jumps, But Gulf Supply Is Still Far From Normal

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Oil Set for Fourth Straight Weekly Loss as Hormuz Flows Return

By Tsvetana Paraskova - Jul 03, 2026, 5:00 AM CDT

Oil futures were on track to post their fourth consecutive weekly loss early on Friday as the tentative reopening of the Strait of Hormuz and the uptick in oil flows weigh down prices.

In Asian trade early on Friday, with U.S. markets closed for the July 4 weekend, both benchmarks, Brent and WTI, were gaining about 0.5% on some profit-taking.

Over the past three weeks, prices have slumped to nearly pre-war levels, with Brent now in the low $70s per barrel and WTI Crude trading below $70.

The U.S.-Iran memorandum to negotiate a deal and the reopening of the Strait of Hormuz have prompted hopes that immediate physical supply will jump in the coming weeks and ease concerns about shortages, especially in Asia.

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The supply picture is improving, according to the Brent futures curve, ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a report on Friday.

“The increase in oil flows is putting growing pressure on the front end of the ICE Brent forward curve,” they said.

The forward curve is moving further into contango, the market structure in which prices for contracts dated further out in time are higher than the prompt contracts. This type of curve suggests that concerns about the immediate lack of crude supply have eased significantly.

Gulf producers, including Iran, are now rushing to ship oil out of the Strait of Hormuz, until the negotiation window expires in August, with uncertainties beyond that.

Saudi Arabia is estimated to have pushed over 10 million barrels of crude out of the Strait of Hormuz in recent days, as supertankers continue to load oil from the Saudi port of Ras Tanura in the Persian Gulf and Saudi Arabia is ramping up oil exports to Asia.

In the weeks since the U.S. and Iran announced the MoU, market sentiment has turned decisively bearish, some analysts say too bearish as oil is in oversold territory.

By Tsvetana Paraskova for Oilprice.com

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