Crude Oil Prices Rebound as Markets Monitor Strait of Hormuz Flows | June 23, 2026

Crude oil prices rose on Tuesday, June 23, 2026, after recording significant losses in the previous session, as traders evaluated developments surrounding U.S.-Iran peace talks and awaited further evidence of normalising crude shipments through the Strait of Hormuz, as per news reports. 

Brent crude futures gained 24 cents, or 0.38%, to US$78.15 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 33 cents, or 0.46%, to US$74.19 per barrel. 

Oil Prices Recover After Monday’s Decline 

Oil prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks. Officials also reported a reduction in hostilities in Lebanon under the broader agreement. 

The developments came after concerns over the stability of the week-old accord. Over the weekend, U.S. President Donald Trump warned that military action could resume if Iran interfered with shipping through the Strait of Hormuz after Tehran declared the waterway closed. 

Market Focus Remains on U.S.-Iran Developments 

Market participants continued to monitor diplomatic progress between Washington and Tehran. President Trump stated on Truth Social that Iran would agree to weapons inspections aimed at ensuring “nuclear honesty”. 

Trump later told reporters that further action could be taken if Iran failed to comply with the agreement or did not adhere to its commitments. 

According to market analyst Tim Waterer of KCM Trade, investors remain cautious due to longstanding tensions between the two countries, resulting in a measured approach towards expectations of a return to pre-war oil price levels. 

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Strait of Hormuz Traffic Shows Signs of Improvement 

Shipping activity through the Strait of Hormuz showed signs of recovery. Ship-tracking data indicated that two crude tankers carrying nearly 2 million barrels of oil passed through the strategic waterway on Monday. 

The increase followed weaker traffic on Sunday when concerns regarding safe passage through the strait affected shipping flows. 

U.S. Strategic Petroleum Reserve Falls 

Separately, data from the U.S. Department of Energy showed that crude oil inventories in the Strategic Petroleum Reserve declined to 331.2 million barrels last week. The level represents the lowest reserve volume since June 1983. 

The decline occurred as supplies tightened following the recent U.S.-Iran conflict. 

Conclusion 

Crude oil prices moved higher as markets balanced developments in U.S.-Iran relations with signs of improving tanker traffic through the Strait of Hormuz. Traders also monitored declining U.S. Strategic Petroleum Reserve levels and ongoing geopolitical developments affecting global energy markets. 

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