Oil Prices Continue to Fall on Global Markets: Key Factors
25 June 12:38
Oil prices continued to fall on Thursday, June 25, trading at their lowest levels since the start of the military conflict in the Middle East amid signs that fuel supplies through the Strait of Hormuz would soon resume. This was reported by "Komersant Ukrainian", citing Interfax-Ukraine.
U.S. Energy Minister Chris Wright stated yesterday that shipping traffic through the strait is approaching pre-conflict levels. Over the past 24 hours, 72 ships carrying 20 million barrels of oil passed through the strait, Wright said. The minister warned, however, that it would take several weeks to fully restore shipping in the Strait of Hormuz, as the strait must first be cleared of mines.
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The market also expects an increase in supplies from Iran following Washington’s easing of sanctions on the country’s oil exports as part of negotiations to resolve the conflict.
The price of August Brent crude futures on the London ICE Futures exchange stood at $72.52 per barrel as of 8:20 a.m., which is $1.22 (1.65%) lower than at the close of the previous trading session. On Wednesday, these contracts fell by $3.34 (4.3%) to $73.74 per barrel.
WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) have so far fallen by $1 (1.42%) to $69.34 per barrel. At the close of the previous session, their price had fallen by $2.87 (3.9%) to $70.34 per barrel.
Both Brent and WTI are trading at their lowest levels since February 27.
“The sharp decline in oil prices has caught many by surprise: traders are factoring into prices a much faster return of Middle Eastern oil to the market than was expected just two weeks ago,” notes IG analyst Tony Sycamore.
Data from the U.S. Department of Energy, released on Wednesday, showed a decline of 6.088 million barrels in the country’s commercial oil inventories last week. Commercial gasoline inventories rose by 2.06 million barrels, while distillate inventories increased by 3.06 million barrels.
As a reminder, in May 2026, the European Union remained one of the largest buyers of Russian fossil fuels. EU countries imported approximately 2.3 billion euros worth of energy resources from Russia, accounting for nearly 12% of Moscow’s export revenues from the world’s five largest buyers.
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