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Brent softens ahead of Jul’26 expiry

US President Donald Trump said, in a Truth Social post, that "Iran must agree that they will never have a Nuclear Weapon or Bomb.....
Published: May 29, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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The Aug’26 Brent Futures contract initially climbed from $90.57/bbl at 11:45 BST to $92.18/bbl at 15:40 BST, where it met resistance and briefly dropped below $90/bbl but stands at $90.75/bbl at 17:50 BST (time of writing)....

The Jul/Aug'26 Brent spread dropped to a low of $0.30/bbl on 29 May ahead of Brent expiry, where it met support and stands at $1.20/bbl at the time of writing. US President Donald Trump said, in a Truth Social post, that "Iran must agree that they will never have a Nuclear Weapon or Bomb. The Hormuz Strait must be immediately open, no tolls, for unrestricted shipping traffic, in both directions." President Trump claimed the naval blockade of the Strait of Hormuz will be lifted and that he ‌would meet with aides on ⁠Friday to make ⁠a final ⁠decision ⁠on a deal with Iran. Nevertheless, Iran's Fars news agency has reported this as "a mix of truth and lies" as per their sources, who called it "an attempt to portray a fake victory". In other news, US crude oil production was largely steady in March at 13.7 mb/d, according to the EIA. Crude production in Texas fell to 5.78 mb/d, marking a four-month low, although production in New Mexico was steady m/m at 2.31 mb/d. In France, climate activists protested outside TotalEnergies' headquarters against the state's accumulation of a 1.33% stake worth $2.8 billion in the oil major, making it the group's 10th-largest shareholder. Finally, at the time of writing, the front-month Aug/Sep’26 spread is at $1.90/bbl, and the six-month Aug/Feb’27 spread is at $8.80/bbl.

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