{"id":2847,"date":"2026-06-24T17:41:35","date_gmt":"2026-06-24T17:41:35","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2847"},"modified":"2026-06-24T17:41:35","modified_gmt":"2026-06-24T17:41:35","slug":"brent-hits-lowest-since-before-start-of-iran-war-as-more-tankers-exit-hormuz-easing-supply","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2847","title":{"rendered":"Brent hits lowest since before start of Iran war as more tankers exit Hormuz, easing supply"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>HOUSTON, June 24 (Reuters) &#8211; Benchmark oil prices fell more than $3 on Wednesday to their lowest level since \u200bbefore the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz.<\/div>\n<div>U.S. crude futures, \u200cmeanwhile, slipped below $70 a barrel to their lowest since March 2.<\/div>\n<div>Brent crude futures &lt;LCOc1<svg><\/svg><span>, opens new tab<\/span>&gt;, the global benchmark, were down $3.08, or 4.02%, at $73.98 a barrel as of 1715 GMT, and U.S. West Texas Intermediate &lt;CLc1<svg><\/svg><span>, opens new tab<\/span> was down $3.13, or 4.06%, to $73.95 a barrel.<\/div>\n<div>Brent touched a low of $73.22, its weakest since February 27, the day before U.S.-Israeli strikes on Iran.<\/div>\n<div>Around 20 million barrels of crude \u200boil have exited the Strait of Hormuz in the last 24 hours, U.S. Energy Secretary Chris Wright said on Wednesday at the Reuters \u200bGlobal Energy Forum in New York, adding that a return to normal oil flows was delayed due to Iranian mines \u2060in the strait.<\/div>\n<div>Iran will not have the ability to block the strait going forward, Wright said, adding the U.S. will ensure flows even without a \u200bdeal with Tehran.<\/div>\n<div>Three stranded tankers carrying 5 million barrels of crude oil were exiting the strait on Wednesday, with two heading to Asia, shipping data showed, \u200bas the interim deal between Iran and the U.S. unlocks more supply stuck in the Gulf.<\/div>\n<div>Physical crude oil cargoes were selling at discounts across the globe, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply with Iran set to boost sales following a temporary reprieve from U.S. sanctions.<\/div>\n<div>Prices for Brent crude for second-month delivery were also trading \u200bhigher than prices for prompt delivery for the first time since the war, a sign of increased near-term supply.<\/div>\n<div>&#8220;Positive signals from the Persian Gulf are \u200bfuelling optimism about oil flows through the Strait of Hormuz. Vessel crossings increased in recent days, although they remain well below pre-war levels,&#8221; ING analysts wrote in a note.<\/div>\n<div>The \u200cU.S. also \u2060authorized Iranian oil sales this week, easing decades-old sanctions as it pushes toward a final peace deal with Tehran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.<\/div>\n<div>&#8220;If sanctions are eased, Iranian production and exports could ramp up relatively quickly given the substantial amount stored on tankers \u2014 we are likely talking weeks rather than months,&#8221; said Tim Waterer, chief market analyst at KCM Trade.<\/div>\n<div>Oman said it would keep the Strait of Hormuz open \u200bto shipping without imposing tolls and had designated \u200btwo temporary routes north and \u2060south of the existing shipping lane to facilitate the safe passage of vessels leaving the region.<\/div>\n<div>Uncertainty remains over the durability of the U.S.-Iran accord, however. U.S. President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into &#8220;infinity&#8221;, \u200balthough Tehran said it had made no such concession.<\/div>\n<div>However, U.S. inventories remained tight on strong refining demand and amid \u200ba release of oil \u2060from the government&#8217;s emergency stash. U.S. crude stocks, including commercial and those in the Strategic Petroleum Reserve, fell by 15.1 million barrels to 743.3 million barrels in the week ended June 19, the EIA said, the lowest level since 1984.<\/div>\n<div>J.P. Morgan on Wednesday lowered its second-half 2026 Brent crude oil price forecast due to lower-than-expected \u2060OECD commercial \u200binventory draws and softer demand for oil. The bank sees Brent averaging $86 per barrel in \u200bthe third quarter and $80 in the last quarter.<\/div>\n<div>Elsewhere, Moscow&#8217;s oil refinery will be offline for at least six months after suffering extensive damage in Ukrainian drone attacks, two industry sources said on Wednesday.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2845\">Binance vows to stay in Europe despite licence setback<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2843\">US SEC probes popular type of private equity fund as it steps up industry scrutiny, sources say<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2841\">Wall St rebounds with broad gains as oil slides sharply<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Benchmark oil prices fell more than $3 on Wednesday to their lowest level since \u200bbefore the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz.<\/p>\n","protected":false},"author":1,"featured_media":2846,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,86,29],"class_list":["post-2847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-storage","tag-transport-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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