Brent Sinks to Pre-War Levels

2026-06-24 23:30 By Jam Kaimo Samonte 1 min. read

Brent dropped toward $73 per barrel on Thursday, extending losses for a fourth consecutive session and wiping out all the gains made since the outbreak of the Middle East conflict, as progress in US-Iran peace efforts improved the supply outlook.

Growing confidence in a lasting agreement has encouraged more tankers to transit the Strait of Hormuz with their tracking signals turned on.

Supply has also increased across key segments of the market, with buyers facing a surge of crude offers from the Middle East and other exporting regions, including West Africa.

In addition, a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to further boost available supply.

Reflecting the weaker market sentiment, Brent’s prompt spread, a closely watched indicator, shifted into bearish contango on Wednesday for the first time since the conflict began.



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Brent Sinks to Pre-War Levels
Brent dropped toward $73 per barrel on Thursday, extending losses for a fourth consecutive session and wiping out all the gains made since the outbreak of the Middle East conflict, as progress in US-Iran peace efforts improved the supply outlook. Growing confidence in a lasting agreement has encouraged more tankers to transit the Strait of Hormuz with their tracking signals turned on. Supply has also increased across key segments of the market, with buyers facing a surge of crude offers from the Middle East and other exporting regions, including West Africa. In addition, a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to further boost available supply. Reflecting the weaker market sentiment, Brent’s prompt spread, a closely watched indicator, shifted into bearish contango on Wednesday for the first time since the conflict began.
2026-06-24
Brent Crude Oil is down by 5%
Brent Crude Oil decreased 5% to 73.228 USD/Bbl
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Brent Crude Oil Hits Pre-War Levels
Brent Crude oil fell below $74 a barrel on Wednesday, reaching its lowest level since late February, as increasing tanker traffic through the Strait of Hormuz and progress in US-Iran peace talks eased supply fears. Shipowners are confidently transiting the chokepoint with active satellite signals following safety guarantees from the International Maritime Organization. The International Energy Agency estimates the United Arab Emirates is exporting oil at nearly 85% of pre-war levels, selling roughly 60 million barrels from the Persian Gulf recently. Consequently, oil prices have dropped about 40% from their wartime peak. This resumed global flow overshadowed US data from the Energy Information Administration showing US crude inventories plunged to their lowest since 1984, with Cushing stockpiles dipping below operational minimums.
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