On Tuesday, July WTI crude oil closed down $4.70 (-5.83%) at a 3.5-month low, while July RBOB gasoline fell $0.0667 (-2.26%) to a 3.25-month low. The decline is attributed to the US-Iran peace deal announced on Monday, which allows Iran to immediately sell crude oil, compounding price pressures across the energy market.
Goldman Sachs revised its Q4 Brent crude forecast down to $80 per barrel, from $90, anticipating a return to pre-war Persian Gulf crude exports by the end of July. Approximately 600 vessels remain stranded in the Persian Gulf, with Kpler estimating 68 million barrels of Iranian crude currently stuck. The US Department of Energy also raised its production estimate for 2026 to 13.72 million bpd, further exerting downward pressure on prices.
In terms of global production, OPEC has pledged to restore about two-thirds of its 1.65 million bpd supply cut by the end of September. Meanwhile, US oil rig counts reached an 11-month high of 433 but remain well below the 5.5-year peak of 627 in December 2022.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
