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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
As geopolitical tensions in the Strait of Hormuz ease and impact oil markets, ADNOC lowered its official selling price for Murban crude for July to $101.48 per barrel, down from $104.44 in June, according to company data. The roughly $3-per-barrel cut aligns with weaker international and Middle Eastern benchmark crude prices, signaling softening market conditions.
The reduction comes amid relatively soft global oil prices, with Brent crude futures trading around $73 per barrel in recent sessions (per market data as of June 25, 2026), as persistent concerns over Chinese demand and rising supply weigh on sentiment. The gradual reopening of the Strait of Hormuz is also shrinking the geopolitical risk premium that had supported prices earlier this year.
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Sign InTraders are now watching the upcoming OPEC+ meeting for any production decisions that could impact prices, along with the evolving situation involving Iran in the region. Prices are expected to remain under near-term pressure given ample supply and slowing global demand, with Murban crude potentially seeing further declines if market headwinds persist. According to market data, Brent crude has traded in a range of $70–$80 in recent weeks (close of June 25, 2026).