Oil prices fell more than 1% on Wednesday, June 24, 2026, extending this week’s losses to trade near four-month lows on signs that more stranded oil tankers are set to move out of the Strait of Hormuz.
Brent crude futures fell 96 cents, or 1.3%, to $76.12 a barrel by 0715 GMT, while U.S. West Texas Intermediate slipped by 92 cents, or 1.3%, to $72.29.
Both benchmarks settled around 1% down on Tuesday, touching their lowest since early March.
“Positive signals from the Persian Gulf are fuelling optimism about oil flows through the Strait of Hormuz. Vessel crossings increased in recent days, although they remain well below pre-war levels,” ING commodity strategists said in a note on Wednesday.
Prices have also come under pressure this week after the United States granted Iran a 60-day sanctions waiver following initial peace talks, allowing it to sell oil, and as hostilities in Lebanon eased.
US cracks down on ISIS finance network, names Lagos-based BDC operator
A senior economist at Mitsubishi UFJ Research and Consulting, Tomomichi Akuta, said: “Crude oil prices were weighed down by hopes of easing U.S.-Iran tensions and a recovery in oil shipments through the Strait of Hormuz.
“Further progress in nuclear negotiations could push prices back to pre-war levels.”
On Tuesday, Oman, and Iran agreed to press on with discussions about the future administration of navigation in the Strait.
U.S. Secretary of State Marco Rubio said any Iranian attempt to levy transit fees would violate international law.
Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region.
- Police kill two kidnappers, recover N2.2m ransom in Ogun - June 24, 2026
- NPFL champions to get N1bn prize money, runners-up receive N500m - June 24, 2026
- Oil prices near four month-low amid crude flows via Hormuz - June 24, 2026
