At 20:55 ET (00:55 GMT) on 7 July 2026, crude oil futures showed modest gains, with West Texas Intermediate (WTI) rising 0.39 percent to $68.82 a barrel and Brent crude advancing 0.38 percent to $72.26 a barrel.
The market’s upward move was tempered by renewed security concerns in the Strait of Hormuz. A tanker transiting the waterway was struck by a projectile off the coast of Oman, igniting a fire but causing no injuries. The incident highlighted that, although commercial traffic has resumed after the U.S.–Iran cease‑fire, shipping volumes remain below pre‑conflict levels and a geopolitical premium continues to be priced into oil.
In parallel, Saudi Aramco announced a cut to the August official selling price of its flagship Arab Light crude for Asian buyers, marking the first discount against the regional benchmark since 2020. The price reduction reflects intensifying competition as Gulf exports recover. Over the same weekend, OPEC+ members agreed to raise August production targets, reinforcing expectations of a better‑supplied global market.
ANZ Bank noted that while product markets stay tighter than crude markets, firm refining margins and relatively lean fuel inventories are cushioning the downside for oil despite the supply increase. The bank added that recovering Gulf exports and higher OPEC+ output point to a looser crude market in the coming months.
Market participants are now awaiting the U.S. Energy Information Administration’s Short‑Term Energy Outlook for updated production and demand forecasts, and they continue to monitor both shipping conditions through the Strait of Hormuz and the pace at which additional OPEC+ supply reaches global markets.