commodities

Oil Drops on Hormuz Resolution While Gold Holds $4,000

Published July 14, 20261 min read

Aerial view of a very large oil tanker navigating a narrow waterway flanked by barren cliffs, with a smaller ship alongside it. — An oil tanker navigates a shipping lane, reminiscent of the crucial Strait of Hormuz. Illustration: MarketIntelLabs

The U.S.-Iran memorandum of understanding signed June 18 reopened the Strait of Hormuz and reset the oil market's supply math. WTI crude (CL=F) sits at $79.19/bbl as tanker traffic resumes through the strait, and the EIA's July Short-Term Energy Outlook now forecasts Brent averaging $74/b in Q3 2026, down $27/b from last month's forecast. Gold futures (GC=F) are at $4,037/oz (+0.78%), clinging to a level that has become the focal point of the metals market after a steep slide from a $5,586 52-week high.

Key Takeaways WTI crude is at $79.19/bbl; the EIA now forecasts Brent at $74/b in Q3 2026, down $27/b from last month, following the U.S.-Iran MOU signed June 18 that reopened the Strait of Ho…

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