{"slug": "oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply", "title": "Oil prices back to pre-war levels on rising Middle East supply", "summary": "Oil prices fell to pre-war levels on Thursday, with Brent crude dropping to $72.68 a barrel, as rising Middle East supply outweighed demand concerns. The decline followed a framework agreement to end the US-Israeli war with Iran, which allowed the resumption of traffic through the Strait of Hormuz. US Energy Secretary Chris Wright said flows through the strait were near pre-war levels, with at least 20 million barrels exiting in the past 24 hours.", "body_md": "# Oil prices back to pre-war levels on rising Middle East supply\n\n*The price of Brent crude has reached its lowest since February 27, before the war started.*\n\nOil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns.\n\nPrompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel.\n\n## Recommended Stories\n\nlist of 4 items- list 1 of 4\n[Has the worst of the Hormuz crisis passed?](/video/counting-the-cost/2026/6/24/has-the-worst-of-the-hormuz-crisis-passed) - list 2 of 4\n[Oil prices rise as Lebanon fighting erupts and Hormuz traffic still slow](/economy/2026/6/19/oil-prices-rise-as-lebanon-fighting-erupts-and-hormuz-traffic-still-slow) - list 3 of 4\n[Oil prices fall, stocks rally as US, Iran sign framework to end war](/economy/2026/6/18/oil-prices-fall-stocks-rally-as-us-iran-sign-framework-to-end-war) - list 4 of 4\n[Will a US-Iran deal transform the Iranian economy?](/video/counting-the-cost/2026/6/22/will-a-us-iran-deal-transform-the-iranian-economy)\n\nBoth contracts hit their lowest since February 27.\n\nAugust Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.\n\nBrent had fallen by more than $3 on Wednesday as supply concerns eased, while WTI settled down nearly $3.\n\nUS Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the past 24 hours.\n\nA return to complete normality would take a few weeks, however, because the strait needs to be cleared of mines, he added.\n\nRising Middle East supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world.\n\n## New routes\n\nAn initial accord last week to end the US-Israeli war with Iran, which began on February 28, has allowed the [resumption of traffic](/economy/2026/6/18/oil-prices-fall-stocks-rally-as-us-iran-sign-framework-to-end-war) through the strait.\n\nThe accord set up a 60-day period of negotiations to tackle tougher issues, such as Iran’s nuclear programme.\n\nWright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.\n\nTehran has said it plans to impose what it calls maritime service fees, as opposed to tolls, while the United States argues it is an international waterway and therefore should not be charged.\n\nOman opened temporary routes on Wednesday to ease tanker departures from the strait, with the International Maritime Organization and Omani authorities coordinating movements.\n\nOn Thursday, Iran’s Revolutionary Guards [warned](/news/2026/6/25/iran-warns-against-hormuz-crossings-without-authorisation) against any crossings of the Strait of Hormuz without authorisation, saying vessels not complying “will be dealt with” and condemning the new routes.", "url": "https://wpnews.pro/news/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply", "canonical_source": "https://www.aljazeera.com/news/2026/6/25/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply?traffic_source=rss", "published_at": "2026-06-25 10:04:43+00:00", "updated_at": "2026-06-25 10:42:20.780161+00:00", "lang": "en", "topics": ["artificial-intelligence"], "entities": ["Brent crude", "West Texas Intermediate", "Strait of Hormuz", "Chris Wright", "Iran", "United States", "Oman", "International Maritime Organization"], "alternates": {"html": "https://wpnews.pro/news/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply", "markdown": "https://wpnews.pro/news/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply.md", "text": "https://wpnews.pro/news/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply.txt", "jsonld": "https://wpnews.pro/news/oil-prices-back-to-pre-war-levels-on-rising-middle-east-supply.jsonld"}}