Global oil prices have fallen to their lowest level for the first time since the start of the US-Iran war
Kyiv • UNN
The price of Brent crude fell more than 4% to $73.76 per barrel, the lowest since February 27. The decline is linked to expectations of normalized supplies through the Strait of Hormuz and a relaxation of US sanctions against Iran.
Global oil prices continue to decline amid expectations of a restoration of stable supplies through the Strait of Hormuz and the possible return of Iranian oil to the global market. The price of the benchmark Brent crude has fallen to its lowest level since the start of the war between the US and Iran. Reuters reports, citing UNN.
Details
Brent crude oil futures fell more than 4% on Wednesday, to $73.76 per barrel. This is the lowest level since February 27, the day before the start of the US-Israeli operation against Iran.
Analysts attribute the price drop to the gradual normalization of shipping through the Strait of Hormuz and expectations of an increase in Iranian oil exports after a temporary easing of US sanctions.
The market is pricing in a scenario of Iranian oil returning to the global market and normalization of the situation in the Strait of Hormuz. If sanctions are eased, Iran could fairly quickly ramp up production and exports thanks to significant oil reserves already on tankers
An additional factor for the price decline was the US decision to grant Iran a 60-day sanctions waiver after the start of peace negotiations between the parties.
Meanwhile, in Oman, they stated that the Strait of Hormuz will remain open for shipping without the introduction of any fees or duties. Temporary traffic routes have also been designated for the safe passage of vessels.
Despite positive signals, experts warn against excessive optimism regarding the long-term stability of the situation.
Markets are currently showing too much confidence in a positive development of events, not fully accounting for the risks associated with Iran's nuclear program and possible disputes over inspections
Against this backdrop, JPMorgan bank has revised its forecast for Brent oil prices for the second half of 2026. The financial institution expects an average price of $86 per barrel in the third quarter and $80 per barrel in the fourth quarter of the year.
At the same time, Reuters reports that the Moscow oil refinery, after damage from Ukrainian strikes, may remain shut down for at least six months.
Oil fell to $77 after tanker traffic resumed through Hormuz24.06.26, 06:35 • 3694 views