Oil price rises to $68.21/barrel

Oil prices increased on Thursday, June 26, 2025, extending gains from the previous day as a larger-than-expected draw in United States crude stocks signalled firm demand.

This is just investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East.

Brent crude futures rose 53 cents, or 0.8%, to $68.21 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude gained 56 cents, or 0.9%, to $65.48 a barrel.

Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand.

“Some buyers are favouring solid demand indicated by falling inventories in U.S. weekly statistics,” said Yuki Takashima, economist at Nomura Securities.

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“But investors remain nervous, seeking clarity on the status of the Iran-Israel ceasefire,” he said, adding that market attention is now shifting to OPEC+ production levels.

Takashima forecast WTI would likely return to the $60-$65 range, its pre-conflict levels.

ANZ analysts told Reuters that with the de-escalation of conflict between Iran and Israel, the market’s focus had returned to fundamentals, and pointed to data showing U.S. crude oil inventories fell for a fifth straight week.

The Star