Oil prices drop below $72 as US-Iran talks ease supply fears

Global crude oil prices fell below $72 per barrel on Wednesday June 24, 2026, reaching their lowest level since early March, as improving security in the Strait of Hormuz and progress in US-Iran peace talks eased concerns over supply disruptions.

The decline reflects growing confidence in global oil markets following reports that tanker traffic through the strategic waterway has increased significantly in recent weeks.

According to market reports, shipowners have resumed normal operations through the Strait of Hormuz, with vessels openly transiting the route using active satellite tracking systems after receiving safety assurances from the International Maritime Organization (IMO).

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The renewed confidence has helped restore oil exports from the Persian Gulf, which serves as a critical source of global energy supplies.

The International Energy Agency (IEA) estimates that the United Arab Emirates is currently exporting oil at nearly 85 percent of pre-conflict levels. The country is reported to have sold approximately 60 million barrels of crude oil from the Gulf region in recent weeks.

The increase in supply has contributed to a sharp decline in oil prices, which have fallen by about 40 percent from the highs recorded during the height of regional tensions.

Additionally, the easing of geopolitical risks and the prospect of improved diplomatic relations between the United States and Iran have reduced fears of disruptions to global oil shipments, helping to stabilise energy markets.

Despite the broader decline in prices, some supply concerns remain within the United States.

Data from the American Petroleum Institute (API) showed that crude oil inventories at Cushing, Oklahoma, a key storage and pricing hub for US oil markets, declined by one million barrels.

The drop has raised concerns that inventory levels could fall below minimum operating thresholds, potentially tightening domestic supply conditions.

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