Oil prices extended their losses on Thursday, June 25, 2026, falling to levels close to those recorded before the outbreak of the Iran war, as traders focused on the prospect of increased crude supply from the Middle East.
Prompt-month Brent crude futures for August delivery fell $1.06, or 1.44%, to $72.68 a barrel by 0639 GMT, while U.S. West Texas Intermediate lost 76 cents, or 1.08%, to $69.58 a barrel.
Both contracts hit their lowest since February 27.
August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.
“The speed of this decline has caught plenty off guard as markets price in a much faster return of Middle Eastern barrels than most had anticipated just a fortnight ago,” IG analyst Tony Sycamore said in a note.
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Brent had fallen more than $3 on Wednesday as supply concerns eased, and WTI settled down nearly $3.
United States Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the last 24 hours.
He added that return to complete normalcy would take a few weeks, saying strait needs to be demined.
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