Global oil prices

South Africa's fuel prices fell on 1 July 2026 despite the return of the full fuel levy, with petrol decreasing by approximately R2 per litre due to lower global oil prices.

Aviation turbine fuel (ATF) prices in Delhi were reduced by ₹5 per litre to ₹110 due to softer global oil prices, according to industry sources.

The International Maritime Organisation has initiated a new scheme to evacuate around 11,000 commercial sailors stuck in the Gulf. The operation faces challenges due to uncleared mines and a bottleneck, expected to take weeks. Global oil prices have fallen to their lowest level since the war began.

The West Asia conflict triggered a surge in global oil prices, but retail pump rates in India remained steady for large parts and rising only by a fraction. Petrol and diesel margins have returned to pre-conflict levels according to the report.

Global oil prices have fallen below $80 for the first time since the Iran war began. Shipping data indicates significantly reduced tanker traffic through the Strait of Hormuz.

The Indonesian Rupiah has declined to a new low amid rising global oil prices. Jakarta's main stock index fell 4 percent and faces scrutiny from the global index provider MSCI.

The podcast 'Odd Lots' explores the economic factors influencing American oil production, including market dynamics, regulatory challenges, and industry trends. It highlights the interplay between domestic energy policies and global oil prices.

Rep. Jason Crow (D-Colo.) claims Russia is the 'real winner' of the U.S. blockade in the Strait of Hormuz, which disrupted oil exports and raised global prices. Crow questions the blockade's effectiveness, noting Iran had already been blockading the strait.

U.S. stocks are expected to decline while global oil prices surge past $100 per barrel due to concerns over Trump's proposed naval blockade of a critical trade route. Investors are reacting to the geopolitical uncertainty surrounding the blockade plan.