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 It’s Taco Tuesday… again!

Backtracking, blustering and bombing... it's all go in the market and prices are deep into the 80s again!
Published: 14 July 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Euro EditionVolume: 3Issue: 134
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Backtracking, blustering and bombing... it's all go in the market and prices are deep into the 80s again!

Trump is already backing out ungracefully from his proposed 20% charge on cargoes through the Strait, saying he wants to replace it with trade and other agreements with Gulf states… What a load of codswallop! That sent September Brent down to a low of $83.73/bbl from this morning’s high of $87.55/bbl.

Some selling in fuel and NGL markets had rumours rumbling of “some kind of ceasefire”. However, nothing concrete has emerged yet and straight after the taco, headlines of explosions in Iran sent flat price straight back up to around $85/bbl.

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About Euro Edition

Benchmark reports published at the close of the trading day in London.

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