Brent Crude Oil — Price, Chart, Historical Data¶
Trading Economics | July 8, 2026
Key Data¶
| Metric | Value |
|---|---|
| Brent (July 8) | $78.30/bbl |
| Previous | $74.16/bbl |
| Change | +5.58% |
| One month ago | $91.47/bbl (−14.38%) |
| One year ago | $70.18/bbl (+11.55%) |
| All-time high | $147.50 (July 2008) |
Market Summary¶
Brent crude oil prices surged as much as 7% to $80/barrel on July 8, 2026, as escalating Middle East tensions fueled concerns over further supply disruptions. The move represented a sharp reversal from earlier expectations of a supply glut following OPEC+ production increases and tentative signs of Hormuz reopening.
What Drove the Reversal¶
- Trump: MOU ceasefire "over" — declared at NATO summit in Ankara
- US revoked Iran oil export waiver — Treasury General License X cancelled
- Iran struck 85 US military sites in Bahrain and Kuwait
- Anti-ship missiles fired at US Navy vessels in Sea of Oman
- Threat of new naval blockade — Trump threatened additional strikes and a new blockade
Analyst Consensus Reversed¶
The July 8 surge reverses the "glut thesis" that had dominated markets since the MOU signing:
- Banks had been modeling Brent falling to $60 by year-end
- JPMorgan, Goldman had warned of oversupply
- The consensus assumed smooth Hormuz normalization
- That assumption is now shattered
Forward Curves¶
- Trading Economics consensus forecast: $79.18/bbl by end of quarter
- 12-month forecast: $88.77/bbl
- These forecasts were updated following the July 8 events
Historical Context¶
Brent has experienced unprecedented volatility in 2026:
- Pre-war (Feb 27, 2026): ~$72/bbl
- Peak (April 2026): $126+/bbl
- MOU signing (June 17): $74.73/bbl
- Glut concern low ($69): July 3–5
- July 8 spike: $78.30–$80/bbl
The $57+ swing from peak to trough and back represents the most volatile oil market since the 1970s energy crisis.