Oil Edges Lower as More Supply Flows Through Strait of Hormuz

Bloomberg.com · last updated July 2, 2026 – 6:31 PM

Oil slipped as flows through the Strait of Hormuz increased further, adding to a gush of near-term supply while talks between the US and Iran continue.

Brent traded above $71 a barrel, after fluctuating in the previous session, while West Texas Intermediate was near $68. The prompt spread for the global benchmark has been in contango — a sign of oversupply — for much of this week, with Saudi Arabian crude exports surging to 90% of their pre-war levels as more of the kingdom’s tankers get through the critical waterway.

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