The price of Brent crude oil fell below $78 per barrel for the first…

The price of Brent crude oil fell below $78 per barrel for the first time since March 2.

Consensus

• Brent crude oil futures fell below $78 per barrel for the first time since March 2, 2026.
• The price drop was linked to expectations of a U.S.-Iran peace deal and the anticipated reopening of the Strait of Hormuz.
• WTI crude oil also dropped below $75 per barrel.

Points of divergence

• Brent fell below $78.54 by 10:58 MSK, while Vedomosti reported a drop to $77.94 by 10:08 MSK. — vedomosti
• Analysts expect Brent to average $80 in Q3 and $70 in Q4 2026. — vedomosti
• The price drop was due to news of partial reopening of the Strait of Hormuz by Donald Trump. — kommersant