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Brent crude oil rose above $74 per barrel for the first time since June 30

The price of Brent crude oil futures for September 2026 delivery on ICE exchange has surged above $74 per barrel for the first time since June 30 of this year. This milestone marks a significant recovery in oil prices after days of down trades. Some analysts believe the upward trend will continue in the coming weeks, citing two key factors: the U.S. Strategic Petroleum Reserve (SPR) is currently at its lowest level in decades, limiting the US government’s ability to control the oil price with emergency releases, more critically, the Strait of Hormuz—a vital chokepoint for global oil shipments—remains not yet fully open to normal traffic. The ongoing disruption in the strait continues to strain supply chains and fuel concerns a tightening market, prompting traders to bid up futures prices in anticipation of further shortages.