# U.S. crude oil falls below $70, resuming losses after attack on cargo ship near Oman

> Oil fell below $70 for WTI and Brent settled near $72 as more tankers exited the Strait of Hormuz. An attack on a cargo ship near Oman was reported, and Iran and the US disagreed over the use of funds listed in the memorandum of understanding.

- Date: 2026-07-01 · published 2026-07-01T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/18993-u-s-crude-oil-falls-below-70-resuming-losses-after-attack-on-cargo-ship-near
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Supply recovery through Hormuz is pushing crude lower, which eases diesel and fertilizer costs for feed producers. The ship attack adds some geopolitical risk, but it did not reverse the decline.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-18 | [Crude oil prices today: WTI falls below $83 as war fear eases](https://feedsoft.ai/events/30929-crude-oil-prices-today-wti-falls-below-83-as-war-fear-eases.md) | +0.5% | -4.3% |
| WTI | 2025-06-24 | [Arab News \| Oil Updates — crude extends losses on lower Middle East supply risk](https://feedsoft.ai/events/10002-arab-news-oil-updates-crude-extends-losses-on-lower-middle-east-supply-risk.md) | -4.6% | -1.6% |
| 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 | 2018-07-11 | [Crude oil falls after US softens stance on Iranian sanction waivers - The HinduBusinessLine](https://feedsoft.ai/events/10097-crude-oil-falls-after-us-softens-stance-on-iranian-sanction-waivers-the.md) | -8.2% | -6.7% |
| WTI | 2026-10-29 | [Brent crude falls below $115, WTI near $101 as US-Iran peace hopes offset fears of growing Middle East conflict](https://feedsoft.ai/events/254-brent-crude-falls-below-115-wti-near-101-as-us-iran-peace-hopes-offset-fears-of.md) | -2.3% | — |
| BRENT | 2024-04-18 | [Crude oil prices today: WTI falls below $83 as war fear eases](https://feedsoft.ai/events/30929-crude-oil-prices-today-wti-falls-below-83-as-war-fear-eases.md) | +0.1% | -8.0% |
| BRENT | 2025-06-24 | [Arab News \| Oil Updates — crude extends losses on lower Middle East supply risk](https://feedsoft.ai/events/10002-arab-news-oil-updates-crude-extends-losses-on-lower-middle-east-supply-risk.md) | -6.9% | -3.2% |
| BRENT | 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) | -2.3% | -11.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2026/06/26/oil-prices-middle-east-iran-strait-of-hormuz-opec-iraq-wti-brent-crude.html

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