Brent and WTI crude oil prices rise 1% to $67.86/bbl and $70.12/bbl, respectively.

Brent and WTI crude oil prices rise 1% to $67.86/bbl and $70.12/bbl, respectively.

July 02, 2025

Brent and WTI crude oil prices experienced a notable increase of 1% on July 2, 2025, reaching $67.86 per barrel and $70.12 per barrel, respectively. This upward movement comes amidst a complex geopolitical landscape and fluctuating market sentiments.

The Brent crude oil price, which averaged $66.71 per barrel during the April to June quarter, has shown resilience despite the global supply dynamics. The recent uptick can be attributed to various factors, including the planned OPEC+ output hike for August and the ongoing geopolitical tensions in the Middle East [1].

Exxon Mobil, one of the largest U.S. oil producers, has signaled that lower oil and gas prices could cut its second-quarter earnings by about $1.5 billion from the previous quarter’s level. The company’s regulatory filing indicates that the benchmark Brent crude prices averaged $66.71 per barrel during the April to June quarter, an 11% decline from the previous quarter [2].

The U.S. Energy Information Administration (EIA) expects the Brent crude oil price to average less than $70 per barrel in 2025 and about $58 per barrel in 2026. The EIA's July Short-Term Energy Outlook (STEO) revised its 2025 oil price forecast slightly upward in response to unrest in the Middle East, creating uncertainty in the oil market [4].

The WTI crude oil price, which is currently trading at $70.12 per barrel, has also seen an increase. The recent volatility in oil prices can be attributed to the ongoing uncertainty around the Israel-Iran conflict and the broader geopolitical tensions in the Middle East [3].

Investors are closely monitoring the developments in the oil market, with the Brent and WTI crude oil prices continuing to show signs of recovery. The upward trend in oil prices is expected to have implications for global energy markets and the broader economy.

References:
[1] https://www.investing.com/commodities/brent-oil
[2] https://www.investing.com/news/stock-market-news/exxonsignals-lower-oil-gas-prices-could-hit-secondquarter-profit-4125496
[3] https://www.cnbc.com/quotes/@CL.1
[4] https://www.ajot.com/news/eia-revises-crude-oil-price-forecast-amid-uncertainty-and-volatility-but-still-expects-prices-will-decrease