Back to today’s briefing

Story perspectives

Kushner, US Envoy Meet Doha; Iran Joins Mediators, Oil Rises

7/1/2026

24 3 Full Breakdown

Summary

Kushner Arrives Doha

Jared Kushner and envoy Steve Witkoff arrived in Doha on June 30, 2026.
Sheikh Mohammed bin Abdulrahman al-Thani met them while Iran said it would meet mediators.
Brent futures rose to $73.45 barrel, WTI $70.13 after Brent fell to $72.4.
Vice President JD Vance said Hormuz flows returned to levels and Iran will be barred from tolls, as American Petroleum Institute (API) showed inventories fell 6.1 million barrels in the week ended June 26.

Summary

Analysts Cut

Analysts cut 2026 oil price forecasts for the first time since the Iran war began.
Morgan Stanley projects a global oil surplus of 4.8 million barrels per day in 2027.
UBS analyst Giovanni Staunovo said the partial resumption of Persian Gulf shipping increased available tankers, temporarily boosting supply.
Iraq’s state-owned SOMO announced wide discounts on its official selling price for July Basrah crude deliveries.

Summary

OPEC+ Raises Output

OPEC+ confirmed its fourth output quota increase since the Hormuz shutdown, adding about 188,000 barrels per day in July and raising total hikes since April to 600,000 bpd.
Iran’s Deputy Foreign Minister Kazem Gharibabadi announced Tehran will proceed with joint management of Strait of Hormuz traffic even if Oman does not join.
ANZ analysts said refined fuel markets stay tight, keeping refinery margins supported despite falling crude benchmarks.

History

Historical Context

In October 1973 OAPEC ordered Arab producers, led by Saudi Arabia and Iran, to cut output and embargo the United States, driving crude from $3 to $12 per barrel—a 300 % jump. The shock spurred Western energy policies and the creation of the International Energy Agency. Today, OPEC+ lifts output by 188,000 bpd while Iran and Saudi Arabia coordinate Hormuz traffic, echoing the 1973 supply-tightening that reshaped markets.

1 of 4

Kushner Arrives Doha

Jared Kushner and envoy Steve Witkoff arrived in Doha on June 30, 2026.
Sheikh Mohammed bin Abdulrahman al-Thani met them while Iran said it would meet mediators.
Brent futures rose to $73.45 barrel, WTI $70.13 after Brent fell to $72.4.
Vice President JD Vance said Hormuz flows returned to levels and Iran will be barred from tolls, as American Petroleum Institute (API) showed inventories fell 6.1 million barrels in the week ended June 26.

1 / 4