LONDON – Global oil markets witnessed selling pressure as prices tumbled across major benchmarks, with Brent Crude hovering around $102 per barrel mid-week.
The development comes amid ease in US-Iran tensions as Tehran is looking into new US proposal, and both sides are agreeing on one-page memorandum to end the war in the Gulf while leaving nuclear programme for later. An Iranian foreign ministry spokesperson said Iran would convey its response soon via Pakistan, which hosted the war’s only peace talks and has since served as the main conduit for messages between the sides.
Brent crude futures for July 2026 delivery on London’s ICE exchange plunged more than 7%, sliding to around $101.77 per barrel. The drop pushed Brent below the $102 mark for the first time since April 23, 2026, erasing over $7 in value in a single move.
WTI crude also comes down, falling about 8% to roughly $94.2 per barrel, showing intensity of the broad market downturn.
Global Oil Prices
- WTI Crude: 96.08, down 6.19
- Brent Crude: 102.78, down 7.09
- Murban Crude: 98.29, down 7.68
- Natural Gas: 2.701, down 0.087
- Gasoline: 3.447, down 0.173
- Heating Oil: 3.801, down 0.229
LPG prices spike by up to Rs100 per kg amid global uncertainty
