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ResolvedCommodities

Oil set for largest quarterly drop in 6 years as supply crunch eases

First Detected: Jun 30, 2026, 7:16 PM
Last Update: about 1 month ago
12 articles·2 stories

Event Summary

Oil is set for its largest quarterly price drop in 6 years, as workarounds for the Strait of Hormuz chokepoint and a drop in crude imports to China ease the historic supply crunch. U.S. oil companies are expected to report their strongest quarterly profits in years. President Trump has been pressing oil companies to lower gasoline prices ahead of the November midterm elections.

Timeline

US Oil Majors Eye Record Profits as Trump Pressures Sector Over Fuel Prices
Jul 3, 2026, 11:30 AMImpact: 5
Oil forecasts cut as Hormuz Strait reopening eases supply fears
Jun 30, 2026, 7:16 PMImpact: 5

Price Impact

Since event start
XOM+16.63%
CVX+27.49%