Brent Crude's $70-to-$91 Round Trip in Three Weeks

Brent crude fell to $70.14 on July 2, 2026, surged 29% to $90.80 by July 20, then dropped over 4% on July 24 after Reuters reported China was pushing to restart stalled US-Iran talks. The five-month conflict keeps shifting the geopolitical risk premium traders bake into crude prices with each diplomatic signal.