Oil and Gas Price Update: Q2 2026 in Review
Oil markets spent the second quarter of 2026 caught between geopolitical turmoil and shifting supply expectations, with prices fluctuating wildly as investors weighed the impact of conflict in the Middle East against the prospect of increased production from major producers.
At the onset of Q2 2026 both oil benchmarks sat above US$100 per barrel (bbl) with Brent at US$101.11/bbl, just off its Q1 high of US$111.94/bbl (March 20); while West Texas intermediate (WTI) started the three month period at its Q1 high of US$102.91/bbl (March 30).
Continued tensions surrounding Iran and the blockade of Strait of Hormuz upended global energy flows, reviving concerns about supply security and inflation, pushing prices for oil higher.
WTI hit a 46 month peak on April 7, reaching US$112.84/bbl. This 2026 high marked a significant 97.8 percent surge from its opening price of US$57.04/bbl in January.
The Brent benchmark, which has greater global exposure, climbed to a high of US$114.47/bbl. This peak not only marked a 46-month high but also represented a massive 90 percent increase compared to its price of US$60.24/bbl per barrel in January 2026.
By mid-May on and off again peace and ceasefire negotiations renewed hopes for the reopening of the strategic shipping corridor quelling continued price growth, as both Brent and WTI slipped below US$100/bbl.
Meanwhile, OPEC+ policy shifts, the United Arab Emirates’ departure from the producers’ group and ongoing uncertainty surrounding global demand added further volatility to an already turbulent market.
Promises of a peace truce and a signed memorandum of understanding between the US and Iran in mid-June pushed prices to US$79.57/bbl (Brent) and US$76.74/bbl, on June 17, levels last seen in March.
As Q2 came to a close, investors were left assessing whether the quarter’s price spike represented a temporary geopolitical premium or the beginning of a longer-term shift in energy markets.
Hormuz closure triggers supply chain shockwaves
Few things in Q2 were as impactful as the blockade of the Strait of Hormuz, a crucial waterway that sees one fifth of global oil pass through. After the February 28 closure the ripple effect reverberated across global supply chains still fragile from COVID-19 disruptions.
The ongoing conflict in Iran created a critical bottleneck in the Strait of Hormuz, a chokepoint that naval experts warn is essential to global prosperity.
During a podcast interview with the Investing News Network (INN), retired US Navy Commander Phil Ehr, explained that the disruption has multiple cascading effects beyond the obvious spike in oil prices.
Listen to the full interview to hear Ehr’s thoughts on the energy security risk and copper’s role in the energy transition.
“It’s raising the cost of everything in the supply chain,” Ehr said, pointing to mining, refining and delivery of copper-bearing materials to market.
Beyond energy, the strait’s closure…
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