Oil suffers deepest monthly, quarterly losses since 2020
Oil prices fell at the close of trading today, June 30, with benchmark Brent crude recording its deepest monthly and quarterly losses since 2020, amid shrinking geopolitical risk premiums and investors awaiting any potential progress in US-Iranian talks.
Despite the fragility of the ceasefire agreement between Washington and Tehran, hopes remain high for the resumption of negotiations between the two sides this week in Doha, which has kept oil prices close to the levels they were at before the outbreak of the war.
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Benchmark Crude Futures |
|
|
|
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|
Crude |
Price ($/bbl) |
Change ($) |
Change (%) |
June Performance |
Q2 Performance |
YTD Performance |
|
Brent (August contract) |
72.92 |
(0.23) |
(0.31%) |
(20.78%) |
(38.38%) |
+19.83% |
|
WTI (August contract) |
69.50 |
(1.25) |
(1.77%) |
(20.44%) |
(31.44%) |
+21% |
The losses in Brent crude futures in June were the deepest since the global benchmark plunged 55% in March 2020 as demand tumbled during the pandemic crisis.
The quarterly loss is the deepest since the corresponding quarter of 2020, but the price of a barrel rose by about 94% in the first quarter of 2026, keeping the Brent crude up by nearly 20% since the beginning of the year.
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