Oil prices fluctuate as benchmarks linger near multi-month lows amid signs of easing tensions.
Crude oil futures traded mixed late Tuesday and into Wednesday, with US benchmarks posting modest gains while some international grades and the OPEC basket edged lower.
The movement reflects ongoing market adjustments following progress in US-Iran talks and signs of stabilising supply through the Strait of Hormuz.
Brent crude rose to $73.45 per barrel, up 50 cents or 0.69%, while West Texas Intermediate for near-term delivery gained 38 cents to $69.88 a barrel, as of 11:12am in Tokyo on Wednesday (July 1, 2026).
The uptick came as US inventories continued to draw down even as tanker traffic resumed in key chokepoints. However, overall sentiment remained cautious after recent sharp declines driven by easing concerns over major supply disruptions, according to OilPrice.com.
Other highlights from the session included:
- Brent Crude reached $73.45 per barrel, up 50 cents (0.69%).
- U.S. WTI climbed to $70.13 per barrel, a gain of 63 cents (0.91%).
- Murban Crude (UAE) fell to $69.01, down 73 cents (-1.05%).
- OPEC Basket slipped to $77.37, declining $2.89 (-3.60%).
- Natural Gas eased to $3.236, down 3.9 cents (-1.19%).
- Gasoline rose to $2.918, up 2.3 cents (0.79%).
- Western Canadian Select increased to $58.40, gaining $1.52 (2.67%).
Prices pull back from 2026 highs
Prices have retreated significantly from earlier 2026 highs amid expectations of increased Iranian exports and a softer demand outlook in certain regions.
Analysts say the market is balancing lower geopolitical risk premiums against ongoing inventory draws in the US, according to CNBC.
The mixed price action highlights a market in transition, with traders closely monitoring diplomatic developments and inventory data for clearer direction in the days ahead.
