Oil Price Today (July 1): Crude oil above $73 as Iran rejects direct peace talks with US. Where are prices headed?

Brent crude rose 0.69% to $73.45/bbl and WTI climbed 0.91% to $70.13/bbl on July 1 after Iran rejected direct peace talks with the US, though prices remain far below Q1 highs after Brent posted its steepest quarterly fall since 2008 (~45/bbl drop in Q2). Analysts lowered their 2026 oil price forecasts for the first time since the Iran war began, following five consecutive monthly upward revisions, as the reopening of the Strait of Hormuz eased supply disruption concerns. Saudi Aramco's CEO warned that Hormuz disruptions could delay global oil market stability until 2027, potentially affecting nearly 100 million barrels of weekly supply.