Brent Crude Oil Price, June 2026
Brent crude averaged $85.40 per barrel in June 2026 and WTI $84.81 (EIA spot). A US-Iran agreement and the gradual return of tankers to the Strait of Hormuz took Brent from a high of $101.69 on 3 June to $70.16 on 26 June, a fall of 24% over the month and the lowest prices since February.
| Benchmark | Average | High | Low | First close | Last close | Change vs prior month-end |
|---|---|---|---|---|---|---|
| Brent (Europe spot FOB) | $85.40 | $101.69 (3 June) | $70.16 (26 June) | $98.29 (1 June) | $70.46 (30 June) | -24.1% |
| WTI (Cushing spot) | $84.81 | $99.76 (3 June) | $70.30 (26 June) | $95.96 (1 June) | $70.56 (30 June) | -22.6% |
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.
June 2026 in numbers
Brent spot closed June at $70.46 and WTI at $70.56, both down more than 20% for the month. The Brent-WTI spread almost disappeared, averaging $0.59. WTI spot settled above Brent spot on 7 days in the second half of the month (15, 17, 18, 22, 26, 29, 30 June), which is very unusual. Brent fell faster as Gulf supply returned. No WTI spot price was published for 19 June (Juneteenth).
What moved oil in June 2026
- 3 June: strike threat. Israeli Prime Minister Netanyahu said strikes on Iran could resume. Brent spot rose to its monthly high of $101.69 and WTI to $99.76.
- 12–15 June: framework deal. Prices fell on deal hopes, and the US and Iran then announced an initial agreement. Reported terms included lifting the US naval blockade of Iranian ports within 30 days of signing and reopening Hormuz. Brent fell about 4%.
- 16 June: below $80. President Trump said the strait would fully open once a peace deal was signed in Switzerland. Brent futures fell 4% to $79.87, their first time below $80 since early March (AFP). Brent spot closed at $80.50.
- 17 June: memorandum signed. The EIA reports that a memorandum of understanding was signed on 17 June and that flows through the Strait of Hormuz increased during June.
- 22–26 June: tankers return. Oil fell about 4% on 24 June as tankers resumed transits. Brent spot reached its monthly low of $70.16 on 26 June.
How far did prices fall back?
By late June, Brent spot was back at the level of late February, about $70, although the EIA expected Middle East production to take until 2027 to recover fully. Traders were betting on reopened shipping lanes. The July pages show how quickly that changed. Background on the chokepoint is on the Strait of Hormuz page, and the spread between benchmarks on Brent vs WTI. Current prices are on the Brent crude oil price page.
Daily Brent and WTI prices, June 2026
| Date | Brent | Brent daily change | WTI | Brent minus WTI |
|---|---|---|---|---|
| Mon 1 June | $98.29 | +5.41 | $95.96 | +2.33 |
| Tue 2 June | $98.49 | +0.20 | $97.47 | +1.02 |
| Wed 3 June | $101.69 | +3.20 | $99.76 | +1.93 |
| Thu 4 June | $98.98 | −2.71 | $96.83 | +2.15 |
| Fri 5 June | $97.29 | −1.69 | $94.32 | +2.97 |
| Mon 8 June | $97.46 | +0.17 | $95.00 | +2.46 |
| Tue 9 June | $94.15 | −3.31 | $91.90 | +2.25 |
| Wed 10 June | $95.73 | +1.58 | $93.68 | +2.05 |
| Thu 11 June | $92.84 | −2.89 | $91.58 | +1.26 |
| Fri 12 June | $88.64 | −4.20 | $88.62 | +0.02 |
| Mon 15 June | $84.36 | −4.28 | $84.65 | −0.29 |
| Tue 16 June | $80.50 | −3.86 | $79.80 | +0.70 |
| Wed 17 June | $80.33 | −0.17 | $80.65 | −0.32 |
| Thu 18 June | $79.35 | −0.98 | $80.35 | −1.00 |
| Fri 19 June | $80.46 | +1.11 | n/a | – |
| Mon 22 June | $76.49 | −3.97 | $78.94 | −2.45 |
| Tue 23 June | $75.69 | −0.80 | $74.62 | +1.07 |
| Wed 24 June | $72.09 | −3.60 | $71.42 | +0.67 |
| Thu 25 June | $73.74 | +1.65 | $72.67 | +1.07 |
| Fri 26 June | $70.16 | −3.58 | $70.30 | −0.14 |
| Mon 29 June | $71.59 | +1.43 | $71.87 | −0.28 |
| Tue 30 June | $70.46 | −1.13 | $70.56 | −0.10 |
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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June 2026 oil price FAQ
What was the average Brent price in June 2026?
Brent spot averaged $85.40 per barrel in June 2026, according to the EIA, down from $107.14 in May. WTI averaged $84.81. Prices fell through the month as a US-Iran agreement led to a gradual reopening of the Strait of Hormuz.
When did Brent fall below $80 in 2026?
Brent futures fell below $80 on 16 June 2026 for the first time since early March, dropping 4% to $79.87 after President Trump said the Strait of Hormuz would fully reopen once a peace deal was signed (AFP). EIA Brent spot closed at $80.50 that day and $80.33 on 17 June.
What was the lowest Brent price in June 2026?
Brent spot fell to $70.16 per barrel on 26 June 2026, and WTI to $70.30 the same day (EIA). These were the lowest prices since February, when the market was still pricing only the risk of conflict with Iran. Both benchmarks ended June more than 20% lower.
Why was WTI above Brent in June 2026?
As Gulf supply returned, seaborne crude priced off Brent fell faster than US inland crude. On several days in late June, EIA data show WTI spot settling above Brent spot, a rare inversion. The spread averaged only $0.59 for the month, against about $17 in April.
Related pages
2026
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