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Thu, 25 Jun 2026

Thu, 25 Jun 2026 Oil price falls back to pre-Iran war levels

Signs that traffic through the key Strait of Hormuz shipping route is gradually resuming has helped to push the oil price down.

* Oil prices have fallen to levels not seen since before the Iran war, with Brent crude briefly dropping below $72.48 per barrel.
* The price of oil has been on a wild ride since Iran responded to US and Israel strikes by closing the Strait of Hormuz, a critical waterway for oil shipments.
* The number of vessels crossing the Strait of Hormuz has increased significantly since the US and Iran signed a Memorandum of Understanding (MOU) in June.
* Around 80 ships have crossed the Strait of Hormuz since Monday after the first round of peace talks between the US and Iran in Switzerland.
* The US Navy has provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles laid out during the war.
* Fuel prices at the pump are still higher than pre-war levels, despite oil costs falling. In the US, the average price of regular gasoline has dropped to around $3.93 per gallon after reaching $4 in April.
* US President Donald Trump has ordered an investigation into major energy companies accused of "gouging" drivers by not reducing fuel prices even as oil costs fell.