Oil Prices Continue to Fall on Global Markets: Key Factors
24 June 14:38
Oil prices are falling moderately on the morning of Wednesday, June 24, and remain near four-month lows, reports "Komersant Ukrainian", citing Interfax-Ukraine.
August Brent futures on the London-based ICE Futures exchange were trading at $76.46 per barrel as of midday, down $0.62 (0.8%) from the previous session’s close. On Tuesday, these contracts fell by $0.82 (1.1%) to $77.08 per barrel.
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WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) electronic trading platform have so far fallen by $0.58 (0.79%), to $72.63 per barrel. At the close of the previous session, their price had fallen by $0.65 (0.9%) to $73.21 per barrel.
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The situation in the Middle East remains the main factor influencing oil market dynamics. Oil shipments through the Strait of Hormuz are resuming amid ongoing U.S.-Iran talks.
U.S. President Donald Trump stated yesterday that 19 million barrels of oil had already passed through the strait on Monday.
The United Nations International Maritime Organization (IMO) announced that it will begin evacuating thousands of seafarers who find themselves in a precarious situation in the Persian Gulf due to the military conflict between the U.S. and Iran.
“We have secured the necessary safety assurances and thoroughly verified the conditions for safe navigation to support these operations,” said IMO Secretary-General Arsenio Domínguez in a statement.
“Hopes for an easing of tensions between the U.S. and Iran and the resumption of shipments through the Strait of Hormuz are contributing to the decline in oil prices. Progress in negotiations over the nuclear program could push prices back to pre-war levels,” wrote Tomomishi Akuta, a senior economist at Mitsubishi UFJ Research & Consulting.
Analysts at Gelber & Associates note that oil prices have retreated from multi-month highs due to a reduction in speculative long positions; however, historically low levels of strategic oil reserves in the U.S. will provide support for the market in the coming weeks.
The day before, the American Petroleum Institute (API) reported that U.S. inventories fell by 765,000 barrels last week. Data from the U.S. Department of Energy on oil inventories, which is more important for the market, will be released on Wednesday at 5:30 p.m. Kyiv time.
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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