July 3, 2026: Global oil prices remained near their lowest levels since before the Iran conflict, as rising crude exports from the Persian Gulf eased supply concerns and reinforced expectations of an oversupplied market.
US benchmark West Texas Intermediate (WTI) edged up 0.2% to settle at $68.69 per barrel, while Brent crude gained 0.3% to close at $71.80 per barrel, remaining below $72 for the first time since the week before the Iran war began in late February.
According to Bloomberg data, crude shipments through the Strait of Hormuz rose to about 14 million barrels per day on July 1, while additional exports from Saudi Arabia’s Red Sea port of Yanbu and the UAE’s Fujairah terminal pushed total regional exports significantly higher. Saudi Arabia’s oil exports have reportedly recovered to about 90% of their pre-war levels.
Analysts say the rapid recovery in supply, coupled with emergency oil stock releases and weak demand from China, has created a short-term supply glut that is weighing on prices. JPMorgan warned that increasing oil production is entering a market with limited immediate demand, putting further pressure on crude prices.
Despite the easing of supply concerns, geopolitical risks remain. The United States and Iran have yet to reach a permanent peace agreement, while uncertainty over shipping through the Strait of Hormuz continues to pose potential risks to global energy markets.
