Oil Price Today (July 3): Crude oil heads for 4th weekly loss on Hormuz traffic, US-Iran talks. Where is liquid gold headed?

Crude oil is headed for a fourth consecutive weekly decline, with Brent hovering near 71 dollars a barrel and WTI around 68 dollars, sharply lower than the 125 dollar peak during the Gulf conflict. Prices have eased as Saudi Arabia restored exports to about 90 percent of pre-conflict levels and supply improved following the US-Iran preliminary MoU signed in mid-June. Macquarie has cut its 2026 Brent forecast to 77 dollars from 89 dollars and its 2027 outlook to 64 dollars from 74 dollars, citing faster-than-expected normalization of Middle East crude flows.