Crude Returns to Pre-War Levels Below $73 as Saudi Cuts Prices on Supply Surge
Updated
Updated · CNBCTV18 · Jul 7
Crude Returns to Pre-War Levels Below $73 as Saudi Cuts Prices on Supply Surge
3 articles · Updated · CNBCTV18 · Jul 7
Summary
Brent crude fell back to pre-war levels before rebounding above $73 a barrel after a strike on an LNG vessel in the Strait of Hormuz.
Saudi Arabia's price cuts came as rising supply squeezed spot markets, with ship traffic through Hormuz recovering to about 49 vessels a day.
OPEC has raised output by more than 940,000 barrels since the war began, while Iran has added over 44 million barrels since the June 17 ceasefire and Venezuela has expanded supply.
India may not see quick pump-price relief because refining costs remain high and retailers are still selling fuel bought at earlier, higher crude prices.
JPMorgan and Citi see crude around $60 to $65 by late 2026, underscoring expectations that the supply-driven easing could persist.