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Brent Crude Oil Price Today (July 1): Brent crude and US West Texas Intermediate (WTI) oil prices traded higher in early Wednesday, July 1, after Iran ruled out direct negotiations with US officials, reviving concerns over the fragile Middle East ceasefire. Although crude prices posted modest gains, the broader market remains under pressure following one of the steepest quarterly declines in years as easing geopolitical tensions and improved supply outlook weighed on sentiment.

Brent Crude Oil Price Today (July 1)

Brent crude futures rose 50 cents, or 0.69%, to $73.45 per barrel during early Wednesday trading. The benchmark crude oil contract gained after Iran confirmed it would not participate in direct talks with US officials, adding uncertainty to the ceasefire that has temporarily paused the four-month-long conflict between the two countries.

WTI Crude Oil Price Today (July 1)

US West Texas Intermediate (WTI) crude futures climbed 63 cents, or 0.91%, to $70.13 per barrel. The gains reflected renewed geopolitical concerns, although analysts say improving global supply conditions continue to limit any sharp rally in oil prices.

Why Are Oil Prices Rising Today?

Crude oil prices moved higher after Iran announced that it would not hold direct discussions with the United States. According to the White House, US special envoy Steve Witkoff and Jared Kushner, son-in-law of President Donald Trump, travelled to Doha for high-level diplomatic meetings.

However, Iranian and Qatari officials clarified that the American delegation would meet with mediators rather than Iranian representatives directly. Qatar also confirmed that Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani participated in discussions with the US officials.

The lack of direct negotiations has renewed concerns about the durability of the ceasefire and raised fresh uncertainty over stability in the Middle East, a key oil-producing region.

Brent Crude Oil Price Today: Oil Prices Still Under Pressure Despite Wednesday’s Gains

Even with Wednesday’s rebound, oil prices remain significantly below recent highs after recording sharp losses during the previous quarter. Brent crude reportedly fell by nearly $45 per barrel between the first and second quarters of 2026, marking its largest quarterly decline since the 2008 global financial crisis. Meanwhile, WTI crude dropped approximately $31 per barrel, representing its steepest quarterly fall since 2020, when the COVID-19 pandemic severely reduced global fuel demand.

The decline followed easing geopolitical tensions, which removed much of the risk premium that had supported crude prices during the Iran-related conflict.

Brent Crude Oil Price Today: Reuters Poll Lowers 2026 Oil Price Forecasts

A Reuters survey published on Tuesday showed that analysts reduced their 2026 oil price forecasts for the first time since the Iran conflict began. The downward revision ended five consecutive months of higher forecasts as improving supply expectations outweighed geopolitical risks.

Analysts also noted that the reopening of the Strait of Hormuz has eased fears of prolonged disruptions to global crude exports, helping stabilise supply expectations.

Brent Crude Oil Price Today: JD Vance Reaffirms US Position on Strait of Hormuz

US Vice President JD Vance said Washington would not allow Iran to impose transit fees on ships passing through the Strait of Hormuz. He stressed that the United States would not accept a scenario in which Iran began “collecting tolls” from vessels using one of the world’s most strategically important oil shipping routes. The comments reinforced expectations that global oil supply routes will remain open despite ongoing regional tensions.

Disclaimer: Oil prices are highly volatile and may change rapidly due to geopolitical developments, supply-demand dynamics, central bank policies, and global economic conditions. Prices mentioned are based on early trading data available on July 1, 2026.