Oil Posts Largest Quarterly Price Drop in 6 Years

Wednesday, July 01, 2026

Oil prices on Tuesday logged their biggest quarterly drop in six years, after an extended U.S.-Iran cease-fire in June ...

Posted by lfthndthrds at 12:31 PM | 11 COMMENTS | permalink | Comment on This Entry |

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IMF portwatch update on traffic through the straight This is only up to date through Sunday with Friday being the peak. As far as I know, the straight has remained closed since then. Even so oil prices continue to drop on the expectation of a re-opening.

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-- Dustin Moskovitz (@moskov.goodventures.org) 1:00 PM Â· Jun 30, 2026

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The prices were elevated because of Pres Trump's war.

When will the Strait of Hormuz be fully open again, open as it was before Pres trump started his war?

#1 | Posted by LampLighter at 2026-06-30 06:59 PM | Reply | Funny: 1 | Newsworthy 2

Brent crude, January 2, 2026: $60.75
Brent crude, June 30, 2026: $73.75

Looks like there's still more room to drop before it gets back to early January levels ...

#2 | Posted by lamplighter at 2026-06-30 07:06 PM | Reply | Funny: 1 | Newsworthy 1

Looks like draining the SPR werked.

#3 | Posted by REDIAL at 2026-06-30 08:55 PM | Reply | Newsworthy 1

Rewind to the largest quarterly INCREASE when Pedo Donnie believed a mass murderer

#4 | Posted by LegallyYourDead at 2026-06-30 09:26 PM | Reply

Looks like draining the SPR werked.

#3 | Posted by REDIAL at 2026-06-30 08:55 PM | Reply | Flag:

Looks like Canada failed again

#5 | Posted by lfthndthrds at 2026-06-30 10:12 PM | Reply

Canada is accustomed to failing.... It's their bail...

#6 | Posted by lfthndthrds at 2026-06-30 10:13 PM | Reply

Bye Felecia!

#7 | Posted by lfthndthrds at 2026-06-30 10:14 PM | Reply

When will the Strait of Hormuz be fully open again, open as it was before Pres trump started his war?

Right now it is Schroedingers Strait, both open and closed at the same time depending on who you talk to.

#8 | Posted by Nixon at 2026-07-01 11:16 AM | Reply | Funny: 2

Hmmm... The shortages in supply are ongoing. And the Strait is still only passing less that 10 percent of its pre-war numbers... Still significant disruption in the supply chain. My understanding is that the futures price of oil is still far different than the actual delivery price. Don't believe everything you see.

There is a lot of manipulation going on to help Trump save face from one of the worst diplomatic disasters in US history.

#9 | Posted by Whatsleft at 2026-07-01 03:46 PM | Reply

Reports are they're increasing the level of ethanol in our gasoline to help cut prices.

www.npr.org

Anything in order to help Republicans win during the November midterms.

Well, anything other than actually stopping the war that's not really a war but it's kind of like a war.

Make Israel Great!

#10 | Posted by ClownShack at 2026-07-01 03:51 PM | Reply

Bam! In time for July 4 travel!

#11 | Posted by visitor_ at 2026-07-01 04:50 PM | Reply