Oil prices slide as Iranian supply waivers loom

The August NYMEX West Texas Intermediate contract dropped $4.25 to $75.20 per barrel, while July WTI fell $4.75 to $76. Brent crude mirrored these losses, with August ICE contracts sliding $4.20 to trade at $79. This latest retreat extends a broader trend that has seen benchmarks shed $15 since last Wednesday, driven by market anticipation of a permanent cease-fire and the reopening of critical supply routes through the Strait of Hormuz.

Energy products faced similar pressure, with August NYMEX ULSD futures declining 11.10 cents to $3.1150 per gallon and RBOB futures dropping 9.20 cents. Goldman Sachs analysts responded to the shifting landscape by lowering their fourth-quarter 2026 Brent forecast from $90 to $80 per barrel. The bank cited the interim agreement, expected to be signed Friday, as the primary catalyst for lifting the U.S. blockade and restoring regional energy flows.