Oil futures slipped toward pre‑war levels as shipments rushed through the Strait of Hormuz under the U.S.–Iran accord. September Brent rose above the August contract, creating a contango normally seen with a surplus, analysts at Ritterbusch & Associates note. Yet global inventories remain tight, prompting speculators to bet on a swift elimination of the current crude deficit. WTI traded at $69.62, down 1%.

Macquarie slashed its earnings outlook for Woodside Energy and Santos through 2028 after the peace talks dented oil‑price assumptions. The firm now projects an average $64.00 Brent price in 2027, a 14% downgrade, and warns of oversupply that year. Woodside’s 2026 EPS falls 18%, with 2027 and 2028 trimmed 30% and 9.8%. Santos sees 2026 EPS down 8.1% and 2027‑28 cuts of 34% and 5.3%.

Mizuho’s Robert Yawger said accelerating shipments out of the Persian Gulf pushed oil futures to their lowest since the U.S.–Iran clash. He expects storage draws to free producers to ramp output once the 60‑day negotiation keeps the Strait open. With the midterm election looming, affordability concerns could temper any aggressive policy shift. WTI settled at $70.34, down 3.9%, while front‑month Brent slipped 4.3% to $73.74.