Oil Prices Return to Pre-War Levels
Oil prices have dropped to pre-war levels, with Brent crude slipping to USD 72 per barrel on Thursday, June 25, 2026. This decline follows a sharp 4 per cent fall in the previous session, bringing Brent back to its closing level before the US-Iran conflict began.
According to a report by ANI, the latest drop reflects easing tensions in the Middle East. At the time of writing, crude oil was trading at USD 69.20 LTP, 1.18 per cent lower, while Brent crude stood at USD 72.28 per barrel. West Texas Intermediate (WTI) crude oil was priced at USD 69.15 per barrel, down 1.19 points or 1.69 per cent. Brent had dropped over USD 3 on Wednesday as supply concerns eased, and WTI settled nearly USD 3 lower.
Strait of Hormuz Reopens, Stranded Tankers Exit
A clear sign of easing tensions has been the exit of stranded tankers from the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran. This has eased supply concerns after months of disruptions. The International Maritime Organization announced on Tuesday that Iran and Oman would coordinate a large-scale evacuation of over 11,000 stranded seafarers via the Strait of Hormuz.
U.S. Energy Secretary Chris Wright stated at a forum on Wednesday that oil flows through the Strait of Hormuz had nearly returned to pre-war levels following the Iran conflict. He noted that at least 20 million barrels had passed through the strait in the past 24 hours. Wright added that a full return to normal operations could take a few weeks, as the waterway still needs to be cleared of mines.
Sanctions Lifted and Oil Shipments Rise
Recently, the United States temporarily lifted sanctions on Iranian oil and petrochemical exports. Maritime intelligence firm Windward posted on X that a total of 6.79 million barrels departed the Middle East Gulf in the week of June 15, the highest since May 1. This surge in shipments underscores the easing of supply disruptions.
The decline in oil prices reflects a broader market relief as geopolitical risks subside. Analysts will monitor the situation closely as the Strait of Hormuz returns to normal operations and global oil supply stabilizes.
