Brent crude swung from $70 to $91 and back in three weeks

Brent crude hit $70.14 a barrel on July 2, 2026, surged roughly 29% to $90.80 by July 20, then fell more than 4% on July 24 after Reuters reported China initiated a push to restart stalled US-Iran peace talks. The five-month conflict has repeatedly whipsawed oil prices as each diplomatic signal compresses, then re-expands, the geopolitical risk premium traders price into crude.