Oil Prices Today: Live Brent & WTI Updates, Market Drivers, and What to Watch Next

Oil prices today: Brent crude rallies above $78, WTI near $75 Global crude benchmarks jumped in early Wednesday trade as the market digested tighter supply signals and a softer dollar. At 10:35 BST (09:35 GMT) on 8 July 2026, Brent crude futures were up 5.93 % at $78.56 a barrel, while U.S. West Texas Intermediate (WTI) added 5.79 % to $74.52. Why oil is climbing today • OPEC+ cut extensions: The producer group reiterated its voluntary 2 mbd curb through Q3, tightening forward supply. • Cooling U.S. inflation and a weaker dollar make dollar-denominated commodities cheaper for holders of other currencies, boosting buying interest. • Peak-summer demand: U.S. refinery runs are approaching 94 % of capacity as motorists hit the highways, lifting crude drawdowns reported by the EIA last week. • Geopolitical jitters: Fresh drone strikes on export infrastructure around the Black Sea and renewed tension in the Middle East are adding a risk premium. How today’s prices compare with recent trading ranges Brent is now just 3 % shy of its April peak ($80.88) and nearly 35 % above the December 2025 low. WTI’s push toward $75 narrows the Brent-WTI spread to roughly $4, its tightest in two months and a signal of firming U.S. Gulf Coast export demand. Market outlook Analysts at several Wall Street banks lifted Q3 Brent targets toward $85 this week, citing the accelerating inventory draws. However, upside may be capped if Chinese manufacturing data due Friday disappoints or if hurricane threats to U.S. Gulf production remain minimal. What to watch next • OPEC+ Joint Ministerial Monitoring Committee meeting on 12 July for any quota tweaks. • U.S. EIA weekly inventory report (10 July) – another large crude draw would reinforce tightness narratives. • CPI prints in the U.S. (11 July) and eurozone (16 July) for clues on interest-rate paths that influence energy demand. Bottom line Oil prices today are climbing on a confluence of supply discipline from OPEC+, resilient summer demand and geopolitical risk. Traders will eye upcoming data and policy meetings to confirm whether Brent can clear the psychological $80 mark and extend the 2026 year-to-date rally.