Brent Oil Falls Below $103 for First Time Since May 8, 2026

Brent crude for July 2026 delivery fell below $103 a barrel for the first time since May 8, 2026 on London’s ICE exchange, reflecting renewed pressure on global oil markets. The decline came as traders monitored developments in global oil demand and the approach of upcoming OPEC+ meetings. Brent dropped 2.15% to $102.76, before extending losses to $102.36. June 2026 West Texas Intermediate crude also fell 2.33% to $95.97. Market sentiment was also shaped by concerns over global energy supply after the war against Iran and restrictions on passage through the Strait of Hormuz. Those restrictions and the possibility of the strait being closed have heightened worries about disruptions to international oil flows.