Full Breakdown
Oil Prices Drop as Strait of Hormuz Shipping Resumes Amid US-Iran Peace Talks
6/25/2026, 11:37:26 AM
Core Event: Price Decline Follows MOU and Shipping Resumption
Following U.S. and Israeli strikes on Iran on 28 Feb, Tehran shut the Strait of Hormuz, sending Brent above $120 per barrel. A U.S.–Iran memorandum of understanding signed on 17 June partially lifted sanctions and opened a communication line for vessels. By 24 June Brent fell to $75.79–$76.73 and WTI to $71.98–$72.86, the lowest since 27 Feb.
Data & Statistics: Prices, Traffic, Production
Brent and WTI each slipped 1.7 % to $75.79–$76.73 and $71.98–$72.86, a 36 % fall from the $120 peak. Kpler estimates about 80 ships have crossed the strait since the MOU, versus over 100 daily pre-war. The UAE has restored roughly 85 % of its output; Kuwait and Iraq have resumed exports.
Official Statements & Responses
President Donald Trump ordered the DOJ to investigate Shell, ExxonMobil and others for alleged price gouging. The American Petroleum Institute said fuel prices don’t move in lockstep with crude. The UK competition watchdog found no systemic evidence of manipulation. The International Maritime Organization confirmed safety assurances for ships, and the International Energy Agency noted the UAE’s rapid output recovery.
Criticism & Opposition
Trump accused major oil firms of gouging consumers by not passing lower wholesale costs to pumps. Industry groups argue retail fuel prices reflect distribution costs and market contracts, not deliberate overcharging.
On-the-Ground Reports: Shipping Resumption
Marisks CEO Dimitris Maniatis said a “tremendous shift” is underway as vessels use a southern, mine-free route; Iran and Oman are drafting a joint transit-charge pact.
Conflicting Reports & Gaps
Brent is reported at $75.79, $76.17, $76.73 and $76.50 on 24 June, and ship-crossing estimates range from 80 to “hundreds.” The DOJ has not responded to inquiries.
Verbatim Quotes
- “Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” — President Donald Trump
- “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” — President Donald Trump
- “Also Read | Crude oil prices extend fall on smoother flows through Strait of Hormuz “Crude oil prices have retreated sharply as concerns over supply disruptions in the Middle East ease following an interim US-Iran peace deal and the normalisation of tanker movements through the Strait of Hormuz.” — Jigar Trivedi, Senior Research Analyst, IndusInd Securities
What’s Next: Market Outlook and Diplomatic Steps
Analysts will monitor Iranian export volumes, the durability of the U.S.–Iran MOU and any further sanctions waivers. Continued safe passage through the strait should keep risk premiums low, while OPEC+ output and global demand will steer price trends.
