Oil sliding toward pre-war levels — relief for drivers at the pump soon?

Crude oil futures traded mixed late on Tuesday and into Wednesday, with US benchmarks posting modest gains while some international grades and the OPEC basket slipped.

This reflects ongoing market adjustments following progress in US-Iran talks and signs of stabilizing supply through the Strait of Hormuz.

Brent benchmark reached $73.45 per barrel (a rise of 50 cents, or 0.69%) while West Texas Intermediate crude for near-term delivery rose 38 cents to $69.88 a barrel, as of 11.12am in Tokyo on Wednesday (July 1, 2026).

The gains came as US inventories continue to draw down even as tanker traffic resumes in key chokepoints, though broader sentiment remains cautious after sharp declines in recent sessions tied to reduced fears of major supply disruptions, as per OilPrice.com.

Other highlights from the session included:

• Brent Crude reached $73.45 per barrel (a rise of 50 cents, or 0.69%).

• U.S. WTI climbed to $70.13 per barrel (a gain of 63 cents, or 0.91%).

• Murban Crude (UAE): $69.01, down 73 cents (-1.05%)

• OPEC Basket: $77.37, down $2.89 (-3.60%)

• Natural Gas: $3.236, down 3.9 cents (-1.19%)

• Gasoline: $2.918, up 2.3 cents (+0.79%)

• Western Canadian Select: $58.40, up $1.52 (+2.67%)

Prices pull back fro 2026 highs

Prices have pulled back significantly from earlier 2026 highs amid expectations of increased Iranian exports and softer demand outlooks in some regions.

Analysts note the market is balancing lower geopolitical risk premiums with persistent inventory draws in the US, CNBC reported

The mixed moves underscore a market in transition, with traders closely watching diplomatic developments and inventory data for direction in the coming days.