The August NYMEX West Texas Intermediate contract dropped $4.25 to $75.20 per barrel, while July WTI fell $4.75 to $76. Brent crude mirrored these losses, with August ICE contracts sliding $4.20 to trade at $79. This latest retreat extends a broader trend that has seen benchmarks shed $15 since last Wednesday, driven by market anticipation of a permanent cease-fire and the reopening of critical supply routes through the Strait of Hormuz.
In section Market Quotes
Oil prices slide as Iranian supply waivers loom
Crude oil benchmarks tumbled roughly $5 per barrel midday Tuesday following reports that the U.S. will permit Iran to resume immediate oil and fuel exports. The move, tied to a looming deal to conclude ongoing hostilities, includes vital exemptions for banking, transportation, and insurance services required to facilitate global trade.
Energy products faced similar pressure, with August NYMEX ULSD futures declining 11.10 cents to $3.1150 per gallon and RBOB futures dropping 9.20 cents. Goldman Sachs analysts responded to the shifting landscape by lowering their fourth-quarter 2026 Brent forecast from $90 to $80 per barrel. The bank cited the interim agreement, expected to be signed Friday, as the primary catalyst for lifting the U.S. blockade and restoring regional energy flows.
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