Brent Crude Oil Price, July 2026
Brent crude averaged $83.76 per barrel in July 2026 and WTI $80.46 (EIA spot), the lowest monthly averages since February. The averages hide a sharp reversal: Brent rose from a low of $68.53 on 2 July to $105.32 on 23 July after military strikes resumed, and ended the month 38% higher.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $83.76 | $105.32 (23 July) | $68.53 (2 July) | $69.24 (1 July) | $96.95 (31 July) | +37.6% |
| WTI (Cushing spot) | $80.46 | $93.08 (23 July) | $69.60 (6 July) | $69.74 (1 July) | $86.16 (31 July) | +22.1% |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
All prices on this page are EIA spot assessments: Brent is the physical North Sea price (see Dated Brent) and WTI is the Cushing, Oklahoma spot price. Since the Strait of Hormuz closed in March, physical Brent has often traded far above the front-month ICE Brent futures price quoted in news headlines, so a headline "Brent price" for a given day can be several dollars, at times more than $25, lower than the figures here.
July 2026 in numbers
Brent spot opened the month at $69.24 and closed at $96.95 on 31 July. WTI rose 22% to $86.16. The EIA notes that front-month Brent futures began the third quarter at $72/b on 1 July, the lowest since 26 February, and passed $100/b on 23 July. The Brent-WTI spot spread widened again, averaging $3.30, No WTI spot price was published for 3 July (US holiday).
What moved oil in July 2026
- 1–6 July: lows after the June deal. With tankers moving again, Brent spot traded between $68.53 and $69.56.
- 7–8 July: strikes resume. The EIA dates the renewed military strikes to 7 July. An attack on a Qatari LNG tanker near Hormuz and new US air strikes on Iran were reported, and President Trump said the ceasefire was over. Brent spot rose from $69.56 on 6 July to $76.50 on 8 July.
- 13–17 July: escalation. Brent spot jumped to $81.62 on 13 July. On 17 July, Kuwait reported an Iranian attack on a power and desalination plant, and Brent spot reached $85.01.
- 20–23 July: Brent back above $100. The US and Iran expanded strikes, and Brent futures passed $90 on 20 July (Reuters). Iran stopped two "non-compliant" tankers trying to transit Hormuz (AFP, 22 July). On 23 July, Brent futures passed $100 (EIA), and Brent spot hit its monthly high of $105.32.
- 24–31 July: partial retreat. Prices fell as Iran signalled a pause in attacks, and Brent spot dropped to $85.51 on 28 July, then rebounded to $96.95 by 31 July. The EIA says futures then traded between $79/b and $98/b until 8 September.
Why the June deal did not hold the price down
The June memorandum reopened shipping only as long as both sides kept to it. Once strikes resumed, the market had to price in the risk of a second closure, while Gulf production, storage and SPR stocks were still recovering from the first. See what moves oil prices for the role of spare capacity, oil price news for current coverage and the live Brent price.
Daily Brent and WTI prices, July 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Wed 1 July | $69.24 | −1.22 | $69.74 | −0.50 |
| Thu 2 July | $68.53 | −0.71 | $69.73 | −1.20 |
| Fri 3 July | $68.68 | +0.15 | n/a | – |
| Mon 6 July | $69.56 | +0.88 | $69.60 | −0.04 |
| Tue 7 July | $71.78 | +2.22 | $71.53 | +0.25 |
| Wed 8 July | $76.50 | +4.72 | $74.56 | +1.94 |
| Thu 9 July | $74.46 | −2.04 | $73.15 | +1.31 |
| Fri 10 July | $74.34 | −0.12 | $72.45 | +1.89 |
| Mon 13 July | $81.62 | +7.28 | $79.20 | +2.42 |
| Tue 14 July | $83.69 | +2.07 | $80.44 | +3.25 |
| Wed 15 July | $83.08 | −0.61 | $80.73 | +2.35 |
| Thu 16 July | $81.23 | −1.85 | $80.03 | +1.20 |
| Fri 17 July | $85.01 | +3.78 | $83.43 | +1.58 |
| Mon 20 July | $86.99 | +1.98 | $84.38 | +2.61 |
| Tue 21 July | $93.85 | +6.86 | $86.04 | +7.81 |
| Wed 22 July | $94.12 | +0.27 | $87.66 | +6.46 |
| Thu 23 July | $105.32 | +11.20 | $93.08 | +12.24 |
| Fri 24 July | $100.31 | −5.01 | $91.74 | +8.57 |
| Mon 27 July | $91.82 | −8.49 | $84.25 | +7.57 |
| Tue 28 July | $85.51 | −6.31 | $80.91 | +4.60 |
| Wed 29 July | $91.95 | +6.44 | $86.08 | +5.87 |
| Thu 30 July | $91.91 | −0.04 | $85.15 | +6.76 |
| Fri 31 July | $96.95 | +5.04 | $86.16 | +10.79 |
Source: U.S. Energy Information Administration (EIA), Europe Brent Spot Price FOB and Cushing, OK WTI Spot Price FOB, daily series (release of 7 October 2026), mirrored by FRED as DCOILBRENTEU and DCOILWTICO. Averages are simple means of the trading days with a price.
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July 2026 oil price FAQ
What was the average Brent price in July 2026?
Brent spot averaged $83.76 per barrel in July 2026, according to the EIA, and WTI averaged $80.46. Both were the lowest monthly averages since February, because prices were near $70 in early July before strikes on Iran resumed. Brent spot then rose about 38% by the end of the month.
What was the highest Brent price in July 2026?
Brent spot peaked at $105.32 per barrel on 23 July 2026, the day front-month Brent futures passed $100 for the first time since May (EIA). WTI spot peaked at $93.08 the same day. Reported tanker attacks near Hormuz drove the move.
What was the lowest Brent price in July 2026?
Brent spot closed at $68.53 per barrel on 2 July 2026, its lowest since February, according to EIA data. Front-month Brent futures started the third quarter at $72 on 1 July. WTI spot's low was $69.60 on 6 July 2026.
Why did oil prices rise in July 2026?
Military strikes between the US and Iran resumed on 7 July 2026, according to the EIA, ending the ceasefire that had reopened the Strait of Hormuz in June. Attacks on a Qatari LNG tanker, a Kuwaiti power plant and tankers in the strait lifted Brent spot from $69 to $105 in three weeks.
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