Crude oil dropped below $70 per barrel on Thursday, extending losses for a fourth consecutive session and nearly 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.

Crude Oil fell to 69.38 USD/Bbl on June 25, 2026, down 1.36% from the previous day. Over the past month, Crude Oil's price has fallen 26.10%, but it is still 6.35% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 147.27 in July of 2008. Crude Oil - data, forecasts, historical chart - was last updated on June 25 of 2026.

Crude Oil fell to 69.38 USD/Bbl on June 25, 2026, down 1.36% from the previous day. Over the past month, Crude Oil's price has fallen 26.10%, but it is still 6.35% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 77.70 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 91.38 in 12 months time.



Price Day Month Year Date
Crude Oil 69.43 -0.907 -1.29% -26.05% 6.43% Jun/25
Brent 72.64 -1.100 -1.49% -24.86% 8.92% Jun/25
Natural gas 3.29 0.0652 2.02% 9.18% -6.80% Jun/25
Gasoline 2.88 -0.0029 -0.10% -8.51% 36.78% Jun/25
Heating Oil 3.14 -0.0325 -1.02% -13.19% 33.20% Jun/25
Coal 143.55 -0.40 -0.28% 8.71% 34.66% Jun/24
Ethanol 1.83 0.0100 0.55% -7.58% 12.96% Jun/24
Urals Oil 58.83 -3.52 -5.65% -36.71% -8.45% Jun/24



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -0.77 -8.33 BBL/1Million Jun 2026
Saudi Arabia Crude Oil Production 7010.00 6879.00 BBL/D/1K May 2026
United States Crude Oil Production 13696.00 13697.00 BBL/D/1K Mar 2026
Russia Crude Oil Production 9976.55 10026.55 BBL/D/1K Feb 2026
United States Crude Oil Stocks Change -6.09 -8.26 BBL/1Million Jun 2026
United States Weekly Crude Oil Production 13819.00 13806.00 Thousand Barrels Per Day Jun 2026

Crude Oil
Crude oil is one of the most widely followed commodities in the world due to its central role in the global economy. It is a key source of energy, a critical input for transportation and manufacturing, and a major driver of inflation and geopolitical dynamics. As a result, movements in oil prices are closely monitored by governments, businesses, and investors alike. West Texas Intermediate (WTI) crude oil is classified as light and sweet, where “light” refers to its low density and “sweet” indicates its low sulfur content. The delivery point for WTI crude oil futures is the Cushing Hub in Oklahoma, and each futures contract represents 1,000 barrels of crude oil. Crude oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official WTI crude oil prices. Official pricing and settlement data for WTI crude oil futures should be obtained directly from NYMEX. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
69.38 70.34 147.27 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Oil Sinks Toward Pre-War Levels
Crude oil dropped below $70 per barrel on Thursday, extending losses for a fourth consecutive session and nearly 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
Crude Oil Falls Below $70
Crude oil fell below $70 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.
2026-06-24
Oil Prices Continue to Fall
Crude oil fell below $71 a barrel on Wednesday, the lowest level since before the US-Iran conflict, as increasing tanker traffic through the Strait of Hormuz and progressing peace talks boosted market confidence. Also, President Donald Trump said there would be no tolls, insurance costs or charges of any kind for tankers looking to pass through the strait. Shipowners are openly transiting the waterway with active satellite signals following safety guarantees from the International Maritime Organization. Reflecting this revitalized flow, the IEA 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 collapsed about 40% from their wartime peak. However, some domestic tightness persists, with the American Petroleum Institute reporting that Cushing crude inventories fell by 1 million barrels, potentially dipping below critical minimum operating levels.
2026-06-24