Oil falls below $100 as US-Iran peace talks gain ground
The gist
Brent crude fell below $100 a barrel for the first time since Oct. 7, dropping more than 8%.
Gas prices could follow, but analysts warn Middle East headlines can reverse the slide fast.
How it unfolded
- Jul 1, 2026Brent front-month futures began the quarter at $72 a barrel, the lowest since February 26, two days before the war started.
- Jul 23, 2026Military strikes resumed and Brent futures passed $100 a barrel.
- Sep 10, 2026Brent briefly surpassed $108 and ended at $107.63, up 6.3%; WTI closed at $102.48, up 6.7%.
Key terms
- Brent crude
- A major global benchmark grade of light, sweet crude oil from the North Sea used to price oil worldwide.
- WTI
- A light, sweet crude oil grade and benchmark price traded on NYMEX, also called Texas light sweet.
- front-month futures
- The futures contract closest to its delivery date, typically the most actively traded contract for a commodity.
Source: Wikipedia