Crude oil prices crash 42% from April’s $126 peak. More downside coming?

Crude oil prices have crashed 42 percent from April's peak of $126 per barrel, with Brent falling below $73 a barrel for the first time since February 2026, following an interim US-Iran peace agreement that resumed shipping through the Strait of Hormuz. Macquarie has cut its 2026 Brent forecast to $77 from $89 and 2027 outlook to $64 from $74, citing faster-than-expected normalization of Middle East crude flows and producers' ability to restore output quickly.