# Brent crude suffers biggest price drop in two years

> Brent crude fell 6.9% to $73.40 a barrel, its biggest decline in over two years, after Libya's National Oil Corp said it would reopen four export terminals shut since late June. US crude fell 5% to $70.38. The sell-off came despite a US report showing a sharp drop in crude stockpiles.

- Date: 2018-07-11 · published 2018-07-11T12:00:00.000Z
- Category: geopolitics · region Libya · magnitude high
- Page: https://feedsoft.ai/events/10093-brent-crude-suffers-biggest-price-drop-in-two-years
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Restored Libyan output of up to 850,000 bpd eases supply tightness and lowers energy costs, which weighs on biofuel feedstock values and feed-cost sentiment. Lower crude also reduces the energy-linked support for vegetable oils and grains.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-07-11 | 1 | -5.1% | -3.5 | Libya's NOC reopening four export terminals shut since late June restored supply and drove Brent's biggest one-day drop in over two years on the move date. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-05-29 | [Oil records biggest one-month drop in 6 years](https://feedsoft.ai/events/12488-oil-records-biggest-one-month-drop-in-6-years.md) | +4.6% | -23.5% |
| WTI | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +4.6% | -23.5% |
| WTI | 2026-04-08 | [Brent crude oil prices drop amid Iran war ceasefire \| Trucking Dive](https://feedsoft.ai/events/10141-brent-crude-oil-prices-drop-amid-iran-war-ceasefire-trucking-dive.md) | -18.9% | -8.3% |
| WTI | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | +0.0% | -5.8% |
| WTI | 2026-10-29 | [Oil price today: WTI, Brent](https://feedsoft.ai/events/1436-oil-price-today-wti-brent.md) | -2.3% | — |
| BRENT | 2026-05-29 | [Oil records biggest one-month drop in 6 years](https://feedsoft.ai/events/12488-oil-records-biggest-one-month-drop-in-6-years.md) | +2.5% | -21.2% |
| BRENT | 2026-05-29 | [Brent oil price in May posts biggest monthly loss since 2020](https://feedsoft.ai/events/12487-brent-oil-price-in-may-posts-biggest-monthly-loss-since-2020.md) | +2.5% | -21.2% |
| BRENT | 2026-04-08 | [Brent crude oil prices drop amid Iran war ceasefire \| Trucking Dive](https://feedsoft.ai/events/10141-brent-crude-oil-prices-drop-amid-iran-war-ceasefire-trucking-dive.md) | -13.7% | -8.7% |

## Sources

- bbc.com: https://www.bbc.com/news/business-44802143

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.