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Oil Price Today (July 1): Crude oil above $73 as Iran rejects direct peace talks with US. Where are prices headed?
Crude oil price on July 1
Brent crude futures were up 50 cents, or 0.69%, at $73.45 a barrel at 1208 GMT. U.S. West Texas Intermediate (WTI) crude rose 63 cents, or 0.91%, to $70.13 a barrel.
U.S. President Donald Trump’s son-in-law Jared Kushner and special envoy Steve Witkoff arrived in Doha on Tuesday for what the White House described as “high level” talks. However, Iran and host nation Qatar said the U.S. delegation would meet mediators instead of holding direct discussions with Iranian representatives.
Oil prices had declined sharply over the previous quarter as tensions in the Middle East showed signs of easing. Brent crude dropped by around $45 a barrel between the first and second quarters of this year, marking its steepest quarterly fall since the 2008 global financial crisis.
U.S. crude futures fell by around $31 during the same period, the biggest quarterly decline since 2020, when the Covid-19 pandemic hit global oil demand. The losses came after progress towards ending the Middle East conflict reversed the sharp gains triggered earlier by the hostilities.
Analysts have lowered their 2026 oil price forecasts for the first time since the Iran war began, following five consecutive monthly increases, after the reopening of the Strait of Hormuz reduced concerns over prolonged supply disruptions, a Reuters poll showed on Tuesday.
Tanker traffic through the strategically important waterway has started recovering, with US Vice President JD Vance saying oil flows have returned to pre-war levels.
What are experts saying?
Even so, a full reopening of the Strait of Hormuz is expected to take time. It will require coordination of vessel movements, restarting oil wells, repairing damaged infrastructure and reaching agreements on de-mining operations. Some shipowners also continue to remain cautious about operating in the strait and the wider Persian Gulf.
Analysts also noted that global oil inventories were drawn down during the prolonged disruption to shipping through the Strait of Hormuz and will take time to recover. Stockpiles may continue to decline before additional Gulf supplies begin reaching international markets.
Last month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could delay the return of stability to global oil markets until 2027. He said prolonged interruptions could affect nearly 100 million barrels of oil supply every week. Saudi Aramco is the world’s largest oil producer.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Private-equity firm KKR KKR is near a deal to take medical-device outsourcing company Integer Holdings ITGR private, according to people familiar with the matter.
The details
The deal, which could come as soon as next week, would value the Plano, Texas-based company at roughly $127 a share, the people said. There are no guarantees a deal will come together.
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Exclusive-Japan to announce Tokyo, Washington took joint action on yen, sources say
A 9% selloff in Apple stock hasn’t done much to slow down the Nasdaq today.
Apple was recently down about $470 billion in market capitalization, on pace for its largest one-day market cap decline on record and the second-largest of any U.S. company. If it holds, the decline will be Apple’s biggest since 2020.
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While 13 of the 14 present in the latest list have taken a dip in their rankings, four companies — Mukesh Ambani-led Reliance Petroleum, state-run Indian Oil Corp (IOC), realty major Unitech and housing loan giant HDFC — have completely moved out of the league.
The latest FT Global 500 list was published by the UK business daily Financial Times over this weekend, is based on the companies’ market capitalisation as on March 31, 2008. The previous rankings were based on December 2007-end figures.
Reliance Industries, flagship company of India’s biggest corporate house Mukesh Ambani group, is top ranked 80th in the latest list, topped by the US energy giant ExxonMobil.
Except for tobacco-to-consumer goods major ITC, ranked 484th, all other Indian companies have seen their rankings decline from the previous list.
Together, the market value of these 14 firms has dropped by about $ 150 billion since December last year and currently stands at about $ 440 billion.
There were 17 Indian companies in the previous list and had a total market capitalisation of about $ 590 billion.
In the country-wise ranking based on total market cap of all their companies present in the list, India has been placed 15th. The US is at the top with 169 companies worth a total $ 9.6 trillion, followed by UK, China, France and Japan.
Other countries ranked ahead of India include Germany, Canada, Switzerland, Russia, Spain, Brazil, Hong Kong, Italy and Australia.
In terms of the number of companies present in the list, India and Russia are jointly ranked ninth after the US (169), the UK (35), Japan (39), France (31), China (25), Canada (24) and Germany (22). Among the Indian firms, RIL is followed by two state-run firms ONGC and NTPC at 148th and 206th positions respectively.
While RIL has slipped 15 positions from its 65th rank in the previous list, ONGC and NTPC have also moved down from their 115th and 163rd ranks previously.
Other Indian firms include Sunil Mittal-led telecom giant Bharti Airtel at 218th (down from 193), realty major DLF at 329th (down from 195) and Anil Ambani-led Reliance Comm at 350th position (down from 252).
However, ITC climbed six spots to the 484th place, even as its market cap fell to $ 19.38 billion from $ 20.8 billion previously.
Realty major DLF saw the steepest market value fall of $ 40.66 billion, followed by the country’s biggest private sector lender ICICI Bank with a plunge of $ 38.51 billion and Steel Authority of India ($ 35.46 billion).
RIL, the country’s most valued firm, saw its market cap falling by about $ 21 billion, dipping from about $ 105 billion to $ 82 billion in the latest list.
In the global list, ExxonMobil has replaced China’s PetroChina at the top, while US industrial conglomerate GE has retained its third position. Other firms in the top 10 include Gazprom, China Mobile, Industrial and Commercial Bank of China, Microsoft, AT&T, Royal Dutch Shell and P&G.
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