Mita Chaturvedi
Research Associate, Flux
Brent inches up ahead of potential US-Iran talks in Doha
US President Donald Trump says a meeting will be held with Iran in Doha on Tuesday following Iran's requests for a meeting following....
Published: June 29, 2026
Written by:
Mita Chaturvedi
The Sep'26 Brent futures contract was choppy but inched up from $72.90/bbl at 12:13 BST this afternoon to $74.12/bbl at 17:37 BST. Prices eased slightly from here and stand at $74.08/bbl at 17:40 BST (time of writing)....
Brent Futures Flat Price
In the news, US President Donald Trump says a meeting will be held with Iran in Doha on Tuesday following Iran's requests for a meeting following the weekend's attacks. White House spokeswoman Karoline Leavitt told Fox News that a US delegation to Doha would include US Special Envoy to the Middle East Steve Witkoff and Special Envoy for Peace Jared Kushner. However, shortly before President Trump's comments, Iranian Deputy Foreign Minister Kazem Gharibabadi said the meeting would take place after conditions are met, stating to Iran's Tasnim news agency that "although consultations with Qatar, including regarding the follow-up of the implementation of the other party’s commitments, are ongoing as usual, the news from some media outlets that technical talks of the working groups will be held in Doha cannot be confirmed." In other news, oil producers in the Middle East are pushing ahead with oil and LNG loadings despite the fresh ship attacks in the Strait of Hormuz, with a fourth VLCC seen loading at Saudi Arabia's Ras Tanura terminal on 29 Jun, as per LSEG data cited by Reuters. Three other VLCCs have loaded oil and switched off their transponders since leaving the terminal over the weekend. One of these was finally seen on 29 Jun, having exited the Strait, and is now on its way to Japan. The Philippines has emerged among the world's top spenders on solar panels since the war in Iran began, as people try to escape higher electricity prices. Finally, at the time of writing, the Aug/Sep'26 and Aug/Feb'27 Brent futures contracts stand at -$0.73/bbl and $0.63/bbl, respectively.
Crude Oil
This afternoon we sold off in Brent/Dubai on thin volumes, as we saw selling of Jul and Aug Brent/Dubai by producers and Chinese players. Jul Brent/Dubai traded down from $5.80/bbl to $5/bbl. The Jul/Aug Dubai spread was better bid, but offered by a trade house, trading between -$1/bbl and -$1/bbl. There was also Brent/Dubai box selling, Jul/Oct, Aug/Oct, and Jul vs Q4 all offered. The Q4 Brent/Dubai was better bid, trading around $2.15/bbl to $2.25/bbl.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Fuel Oil
Liquidity dropped in the afternoon on VLSFO. Sing 0.5 cracks were a touch stronger with Jul closing out the afternoon at $16.90/bbl. Sing spreads remained fairly rangebound with Jul/Aug trading between $22.25/mt and $22.50/mt. Euro spreads caught a bid this afternoon, with Jul/Aug Euro trading up to $23.25/mt. The Euro crack, however, did not follow suit, trading around $8.80/bbl.
A quiet afternoon in HSFO. We saw a trade house sell side on Jul 380 cracks trading down 30c/bbl and a bank sell side on Aug with further pressure added from small flat price selling in Aug from Chinese arbers. Structure remained mostly unchanged down both curves. Limited price action on the barge cracks in the window trading around -$9.60/bbl.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Distillates
This afternoon in distillates, Sing gasoil spreads saw some selling in July/August, while the Jul/Aug/Sep fly was well bid, trading at -$0.15/bbl. The gasoil E/W was offered in Q4 by bank and trade, trading from -$37.25/mt down to -$38.50/mt. Kero spreads were also offered, with decent size selling seen in Aug/Sep kero at $1.60/bbl.
Prompt ICE gasoil spreads firmed throughout the afternoon, with Sep/Dec trading from $65.50/mt up to $70.25/mt, while August cracks rallied to $46.50/bbl. European jet diffs saw some strength in the Q3 region, with August trading from $67.50/mt up to $70.00/mt. Both heating oil spreads and HOGOs rallied, with the July HOGO swap trading from 31.80c/gal up to 33.00c/gal.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Gasoline
This afternoon in gasoline, EBOB flat price traded at $895/mt at the end of the window, with MOC better bid. RBBRs rallied again, and arbs were scale-back offered from 33c/gal up to 34c/gal. There was scale-back selling on EBOB cracks as well as they firmed from $33.35/bbl to $33.80/bbl, with Q3 valued at $28.90/bbl. Spreads were well bid, as Jul/Aug traded up from $36.50/mt to $38/mt. EBOB strength continued to weigh on E/W, with July coming off from -$10.90/bbl to -$11.15/bbl, and Aug 92 cracks were offered at $17.75/bbl.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
Naphtha
This afternoon in Naphtha, mixed interest in NWE MOC with prompt crack going better bid during the window, seeing July Nap crack finding buying up to -$2.8/bbl and the Aug'26 crack trading up to -$5.05/bbl. Deferred cracks offer side this afternoon with sell side interest in Cal Nap crack at -$8.3/bbl. July E/W was getting lifted to $26/mt by a small fund into the end of the window, with the July/Aug EW box trading down to -$6.25/mt.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
NGLs
This afternoon in NGLs, LST opened strong with LST FP trading at 72.25c/gal, supported by arb buying and FEI FP buying. The Jul arb was scale-back bid trading down to -$199/mt in Jul while FEI FP in the front was pushed higher by backend FP buying in Q4 and spreads buying. Jul/Aug FEI traded up to $17/mt, and FEI FP in the front traded around $576/mt. Europe FP was bid at the end of the window, with FP trading up to $480/mt in Europe, with Jul/Aug Europe implied around $1/mt, with Aug pronap selling down to -$130/mt. Butane traded in line with LST, with C4 ENT/C3 LST unchanged on the day, with Aug C4/C3 trading 18.50c/gal and Q4 trading 18.50c/gal.
Prices accurate at the close of the window on the date of publication. For live prices, see Flux Terminal or the Flux CFDs Trading Platform.
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