Oil Price Today (July 7): Crude oil snaps 2-day fall as projectile hits tanker in Hormuz. Where are prices headed?

Crude oil prices edged higher on July 7, with Brent rising 0.39 percent to 72.29 dollars a barrel and WTI gaining 0.26 percent to 68.84 dollars, after a projectile struck a tanker near the Strait of Hormuz. Macquarie sharply cut its Brent forecasts to 77 dollars per barrel for 2026 (from 89 dollars) and 64 dollars for 2027 (from 74 dollars), citing faster-than-expected normalisation of Middle East supplies. Separately, OPEC plus allies agreed to raise output by 188,000 barrels per day from August, and Saudi Aramco cut its flagship Arab Light OSP for Asia by 1.50 dollars, the steepest reduction in over two decades.