An oil tanker berthed at an offshore oil terminal near Basra, Iraq, on April 24, 2026. Mohammed Aty/Reuters
Oil prices fell to their lowest levels since before the outbreak of the Iran war on Thursday as tanker traffic through the Strait of Hormuz continued to recover, signaling that crude exports from the Gulf are steadily returning to normal and easing prolonged supply disruption fears.
Brent crude futures for August delivery fell about 1.4 percent to around $72.70 a barrel in early morning trading on June 25, while U.S. West Texas Intermediate (WTI) dropped about 1.1 percent to below $70. Prices have now fallen for four straight sessions, wiping out all of the gains recorded since the conflict began.
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