Brent oil prices decline as shipping resumes in the Strait of Hormuz

Global oil prices have fallen to levels recorded before the conflict in the Middle East, which began with US-Israeli strikes on Iran on February 28. By June 25, 2026, Brent crude for August delivery dropped to approximately $72.44 per barrel, down from the $72.48 closing price on February 27. U.S. Energy Secretary Chris Wright confirmed that oil flows through the Strait of Hormuz have resumed, noting that approximately 20 million barrels moved through the passage in the last 24 hours. While some reports attribute the stabilization to a ceasefire agreement between Tehran and Washington, others highlight the clearance of mines allegedly planted by Iran. U.S. officials stated they remain committed to securing energy flows independently of a final deal with Tehran. The restoration of normal traffic in the critical waterway has significantly alleviated investor concerns regarding global supply disruptions. Correspondingly, U.S. WTI crude also saw a decline, dropping below $70 per barrel in recent sessions.