Oil Prices Plummeted To Four-month Lows

• 24.06.2026, 16:47

More oil tankers are preparing to leave the Strait of Hormuz.

Global prices for Brent crude oil are falling rapidly as the market awaits the stabilization of oil supplies through the strategically important Strait of Hormuz.

This was reported by RBC-Ukraine citing Reuters.

According to the publication, Brent crude futures fell by more than 1% on Wednesday, reaching $75.88 per barrel. This is the lowest level since late February, when U.S.-Israeli strikes against Iran began.

The main reason for the decline is evidence that more oil tankers are preparing to leave the Strait of Hormuz following the recent ceasefire agreement between the U.S. and Iran.

In addition, the market is under pressure from the temporary 60-day suspension of Washington’s sanctions against Tehran, which allows Iran to rapidly increase its exports. The easing of hostilities in Lebanon has also reduced geopolitical premiums on commodities.

The UN Maritime Agency is already developing an evacuation plan for hundreds of stranded vessels. Oman, for its part, has promised to keep the strait open without charging fees and has designated two safe routes.

Market analysts note that investors are pricing in a rapid return of Iranian oil to the global market.

“If sanctions are eased, Iranian production and exports could rise relatively quickly, given the significant volume stored on tankers—likely we’re talking about weeks, not months,” predicts Tim Waterer, chief market analyst at KCM Trade .

However, the long-term stability of the agreement remains in question due to disagreements between the U.S. and Iran over nuclear inspections. Currently, Macquarie analysts expect the average price of Brent crude to be $77.09 per barrel in 2026.