Current Price of Oil as of July 7, 2026

Fortune | July 7, 2026

Summary

Brent crude oil was trading at $73.29/barrel at 9am ET on July 7, 2026 — up 93 cents from the previous morning and approximately $2.80 higher than the prior year. The modest morning rise understates the day's move; post-market trading showed Brent up nearly 6% after the White House revoked Iran's oil export license.

Key Data Points

Metric Value
Brent (July 7 AM) $73.29/bbl
Previous day $72.36/bbl
Change vs. Previous +$0.93 (+1.28%)
One month ago $95.60/bbl (−23.33%)
One year ago $70.49/bbl (+3.97%)

Context

The modest morning price rise (~$1) reflects investor uncertainty — ship attacks occurred overnight and it was unclear if the US would respond. Later in the day, the US launched retaliatory strikes and revoked Iran's oil license, sending oil surging in after-hours trading.

  • IRGC fired missiles at 3 commercial ships in Strait of Hormuz (overnight July 6–7)
  • Qatari LNG tanker Al Rekayyat at risk of exploding
  • White House revoked General License X (Iran oil export waiver)