Crude Oil Prices Rebound After Trump's Iran Comments

Crude oil prices took a hit on July 28th after US President Trump announced 'good talks' with Iran, easing supply concerns.

The news weighed down Brent and other crude benchmarks, sending them to $76 a barrel in early Asian trading. However, the market rebounded slightly later in the day, reaching $83.59 for Brent Crude and $79.90 for US Crude Oil.

A key factor influencing sentiment remains shipping flows through the Strait of Hormuz, which have seen sharp swings due to security conditions.

Third-party crude oil predictions point to a wide range of possible outcomes, with forecasts varying from $52 to $87 per barrel. Goldman Sachs predicts WTI Crude will average $52 per barrel in 2026, citing a global surplus of 2 million barrels per day.