Crude Oil Prices Fall as Tankers Resume Transit Through Strait of Hormuz | June 26, 2026

Oil prices extended their losses on Thursday, June 25, 2026, moving closer to pre-conflict levels as tanker movements through the Strait of Hormuz returned to normal following an initial agreement to end the U.S.-Israeli conflict with Iran, as per news reports. The easing of supply concerns reduced the geopolitical risk premium that had supported crude prices in recent weeks. 

Brent crude futures for August delivery fell 40 cents, or 0.54%, to US$73.34 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 27 cents, or 0.38%, to US$70.07 per barrel. Brent crude also traded below the September contract price of US$73.59, indicating comfortable near-term supply conditions. 

Strait of Hormuz Traffic Returns to Normal 

Market sentiment improved after reports showed that stranded tankers had successfully exited the Strait of Hormuz. According to U.S. Energy Secretary Chris Wright, oil flows through the strategic waterway have nearly returned to pre-war levels, with more than 20 million barrels moving through the strait over the past 24 hours. 

Although demining operations are still underway, authorities expect shipping conditions to continue improving over the coming weeks. The resumption of tanker traffic has significantly reduced fears of supply disruptions from one of the world’s most important oil transit routes. 

Peace Accord Eases Supply Concerns 

An initial accord reached last week to end the U.S.-Israeli conflict with Iran has created a 60-day negotiation period aimed at addressing broader issues, including Iran’s nuclear programme. The agreement has helped restore confidence in global energy markets and reduced concerns over potential interruptions to crude oil exports. 

Further support came from Oman, which introduced temporary shipping routes to facilitate tanker departures from the Strait of Hormuz. Regional discussions involving Gulf nations are also underway regarding the future management of the waterway. 

Read More: Government Rejects Misleading Claims on E20 Fuel, Says Ethanol Blending Is Scientifically Validated! 

Inventory Data Fails to Support Prices 

Despite data from the U.S. Energy Information Administration showing that crude oil inventories fell to their lowest level since 1984, the market largely ignored the bullish signal. Traders remained focused on improving supply conditions and the restoration of shipping activity through the Strait of Hormuz. 

Conclusion 

Oil prices remain under pressure as supply concerns continue to ease following the resumption of tanker traffic through the Strait of Hormuz. While geopolitical developments will remain closely monitored, markets are currently focusing on improving crude flows and reduced disruption risks. 

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