2026.06.2410:58:50UTC+00Oil Prices Continue to Fall

Crude oil prices fell below $72 a barrel on Wednesday—the lowest level since early March—as rising tanker traffic through the Strait of Hormuz and progress in US–Iran peace talks bolstered market confidence. Shipowners are now transiting the waterway openly with their satellite signals switched on, following safety assurances from the International Maritime Organization. Reflecting this renewed flow, the International Energy Agency estimates that the United Arab Emirates is exporting crude at nearly 85% of its pre-war level, having recently shipped roughly 60 million barrels from the Persian Gulf. As a result, oil prices have dropped about 40% from their wartime peak. Nonetheless, some domestic tightness remains: the American Petroleum Institute reports that crude inventories at Cushing have declined by 1 million barrels, potentially pushing stocks below critical minimum operating levels.