OPEC+

Saudi Ras Tanura resumes tanker loadings for the first time since March; Brent is now 37% below its war peak

Urea dropped by half from its April peak as Hormuz reopens, but USDA projects input costs elevated through 2027; farmers who cut nitrogen this spring will lose yields this fall

The benchmark settles below $70 and flips its curve structure for the first time since before the strait closed

Brent peaked near $118 in March; post-ceasefire normalisation has it at $75.57 by June 24, but a 500-vessel queue and the Qatar LNG explosion keep markets unsettled

The eight unwinders set a 5 July decision for August output as the ceasefire restores deliverability; Brent flipped to contango at $69 on June 25, signalling the war premium is gone