Brent recovers after largest quarterly drop
Oil prices rose at the start of July 2026 following the largest quarterly decline since 2008. Brent crude increased by 0.69% to reach $73.45 per barrel, while West Texas Intermediate rose by 0.91% to $70.13. This came after reports indicated that Iran did not meet with U.S. emissaries in Qatar, which added pressure on efforts to cease hostilities in the Middle East. Markets experienced a significant decline during the first quarter, with substantial drops in U.S. inventories; however, the resumption of oil flows through the Strait of Hormuz reduced concerns about long-term supplies.
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