Oil prices fall to pre-war levels as Brent slips to USD72/barrel
New Delhi, June 25
Oil prices dropped to pre-war level with Brent crude slipping to USD 72/barrel on Thursday.The latest decline comes after a sharp 4 per cent fall in the previous session, bringing Brent back to its closing level seen before the US-Iran conflict began.
Furthermore, a clear sign of easing tensions has been the exit of stranded tankers from the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran, easing supply concerns after months of disruptions.
At the time of writing this article, crude oil was trading at USD 69.20 LTP, 1.18 per cent lower, while Brent crude was trading at USD 72.28/barrel. At the same time, WTI crude oil price was at UD 69.15 per barrel, down 1.19 points or 1.69 per cent. Furthermore, Brent had dropped over USD 3 on Wednesday as supply concerns eased, and WTI settled down nearly USD 3.
Oil benchmarks found some relief after the International Maritime Organization announced on Tuesday that Iran and Oman would coordinate a large-scale evacuation of over 11,000 stranded seafarers via the Strait of Hormuz.
U.S. Energy Secretary Chris Wright said at a forum on Wednesday that oil flows through the Strait of Hormuz had nearly returned to pre-war levels following the Iran conflict, noting that at least 20 million barrels had passed through the strait in the past 24 hours. He added that a full return to normal operations could take a few weeks, as the waterway still needs to be cleared of mines.
Recently, the United States temporarily lifted sanctions on Iranian oil and petrochemical exports. Additionally, a total of 6.79 million barrels departed the Middle East Gulf in the week of June 15, the highest since May 1, maritime intelligence firm Windward posted on X.
— ANI
Reader Comments
Honestly, I'm relieved the war is over. For months, we were worried about fuel prices and supply chains. The stranded seafarers' evacuation is also a huge humanitarian win. Hopefully, this stability lasts and helps our recovering economy.
Aap log petrol pump par kitna de rahe ho? 😅 In Bengaluru, prices haven't moved much despite this fall. Middlemen and taxes eat up all the benefits. The govt should cut excise duty now that global prices are down. Common man needs relief!
Great to see tensions easing. The Strait of Hormuz is a chokepoint for our energy security. India imports most of our oil, so any disruption hits us hard. Glad to see 20 million barrels flowing again. But let's not get complacent—we need to diversify our energy sources fast.
I'm skeptical. The US-Iran war should never have happened in the first place. Millions of lives disrupted, economies damaged, and now they're just "returning to normal"? This is a band-aid on a bullet wound. Oil prices will spike again if tensions rise. Mark my words.
As a truck driver, this is big news for us! Diesel prices directly affect our income. If the govt reduces VAT and excise, we might finally see some savings. Fingers crossed that this peace holds and fuel becomes affordable again. 🚚👍
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