Brent Crude Falls to Lowest Level Since Start of US-Iran Conflict Amid Easing Supply Concerns

Oil prices declined on June 24, 2026, with Brent crude falling to its lowest level since the start of the US-Iran conflict. The decline came as markets assessed developments in peace negotiations and signs of improving shipping activity through one of the world's most important energy trade routes. 

Brent Crude Drops Below US-Iran War Level 

Brent crude fell to an intraday low of $75.22 per barrel on Wednesday, slipping below its previous post-conflict low of $75.75 per barrel recorded earlier this year. 

Meanwhile, US benchmark West Texas Intermediate (WTI) traded near $71.86 per barrel and hit a low of around $71.55 per barrel. 

Both benchmark contracts had already declined by around 1% in the previous session and are now trading near 4-month lows. 

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Peace Talks Ease Market Concerns 

Oil prices have come under pressure this week after the United States granted Iran a 60-day sanctions waiver following initial peace talks. 

The development has raised expectations of broader de-escalation in the region and reduced concerns over potential disruptions to global crude supplies. 

Further supporting market sentiment, Oman and Iran agreed to continue discussions regarding the future administration of navigation through the Strait of Hormuz. 

Shipping Activity Through Strait of Hormuz Improves 

Market concerns have also eased as shipping activity through the Strait of Hormuz shows signs of normalisation. 

Oil tankers have resumed openly transiting through the waterway, helping alleviate fears of prolonged disruptions to global energy supplies. 

The Strait of Hormuz is a critical route for global energy trade and serves as a major transit point for crude oil and liquefied natural gas shipments. 

Importance of the Strait of Hormuz 

The Strait of Hormuz handles approximately 20% of global oil and LNG trade, making it one of the most strategically important energy corridors in the world. 

During the peak of the conflict, shipping disruptions raised concerns about supply shortages and higher energy prices. 

According to the International Energy Agency (IEA), more than 14 million barrels per day of oil production were shut in at the height of the crisis, equivalent to around 14% of global oil demand. 

Conclusion 

Oil prices continued to decline on Wednesday as progress in peace negotiations and improving shipping activity through the Strait of Hormuz eased supply concerns. Brent crude fell to its lowest level since the start of the US-Iran conflict, while investors monitored developments that could further influence global energy markets. 

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