# Oil prices settle at pre-Iran war levels as crude output grows

> Brent and WTI futures settled near pre-Iran war levels, with Brent at $71.99 and WTI at $68.55. The move followed Saudi Arabia cutting its official selling prices, OPEC+ approving an August output increase, and recovering Gulf exports through Hormuz.

- Date: 2026-07-07 · published 2026-07-07T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/18255-oil-prices-settle-at-pre-iran-war-levels-as-crude-output-grows
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Crude back at pre-war levels lowers diesel, fertilizer and freight costs, though renewed US-Iran tensions could quickly reverse the decline.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -4.3% | +0.7% |
| BRENT | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -2.2% | -5.2% |
| BRENT | 2024-09-18 | [Crude oil prices today: WTI, Brent lower as Fed cuts rates](https://feedsoft.ai/events/28216-crude-oil-prices-today-wti-brent-lower-as-fed-cuts-rates.md) | +1.5% | -0.2% |
| BRENT | 2018-12-20 | [Oil demand flashes red, sending crude prices even lower](https://feedsoft.ai/events/11080-oil-demand-flashes-red-sending-crude-prices-even-lower.md) | -8.1% | +10.6% |
| BRENT | 2023-08-21 | [Crude oil settles lower as hope fades for Chinese demand](https://feedsoft.ai/events/34761-crude-oil-settles-lower-as-hope-fades-for-chinese-demand.md) | -0.5% | +11.0% |
| WTI | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -3.7% | +1.7% |
| WTI | 2020-04-23 | [Ringgit at risk from weak crude oil prices](https://feedsoft.ai/events/53931-ringgit-at-risk-from-weak-crude-oil-prices.md) | +9.9% | +145.0% |
| WTI | 2025-10-01 | [Oil settles lower as investors brace for possible OPEC+ output hike](https://feedsoft.ai/events/23036-oil-settles-lower-as-investors-brace-for-possible-opec-output-hike.md) | -1.0% | -3.5% |

## Sources

- miningweekly.com: https://www.miningweekly.com/article/oil-prices-settle-at-pre-iran-war-levels-as-crude-output-grows-2026-07-07

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