Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTRich AsplundThu, July 2, 2026 at 5:35 PM GMT+2 4 min readOil tanker in open sea by StockStudio via ShutterstockAugust WTI crude oil (CLQ26) today is down -0.91 (-1.33%), and August RBOB gasoline (RBQ26) is down -0.0758 (-2.57%).Crude oil and gasoline prices extended their three-week-long slide today, with crude falling to a new 4.25-month low. Crude prices are falling today as an increase in Middle Eastern oil supplies eases global oil supply concerns. Saudi Arabian and United Arab Emirates (UAE) crude shipments have nearly fully recovered to pre-war levels.More News from BarchartNat-Gas Prices Fall on Expectations of a Large Weekly Storage BuildBack-to-Back Upgrades Signal Rising Institutional Support for FuelCell Energy StockCrude Prices Slide as Geopolitical Risks EaseStop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now!Crude prices deepened their slide today as the recovery in flows through the Persian Gulf accelerated, sparking concerns of a supply glut. According to data compiled by Bloomberg, Saudi Arabian crude exports have risen to 6.3 million bpd, or 90% of pre-war levels, in the six days through Wednesday. Also, the UAE ramped up shipments of crude oil and condensates by 30% in June to more than 3.9 million bpd, restoring its oil exports to pre-war levels.Crude prices tumbled on Wednesday after a senior US administration official said US negotiators held positive discussions in Qatar and progress is being made on technical talks with Iran. Also, the Wall Street Journal reported that President Trump had decided against resuming a broad military campaign against Iran and told his staff that he didn't mind if the negotiations extended beyond the August 18 deadline.Stronger Russian crude exports are also adding to global oil supplies and undercutting prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country's refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.Crude oil prices are also under pressure after Iraq warned last Thursday that it might quit the Organization of the Petroleum Exporting Countries (OPEC) if it doesn't get a higher output quota.The International Energy Agency (IEA) warned on June 17 that the Iran war's impact on global oil demand will be much deeper than previously anticipated, saying world oil consumption will decline by -1.1 million bpd this year, a larger drop than a previous estimate of -420,000 bpd.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info