Oil prices back to pre-war levels on rising Middle East supply

play Live Sign upShow navigation menu.css-15ru6p1{font-size:inherit;font-weight:normal;}Navigation menuNewsShow more news sectionsAfricaAsiaUS & CanadaLatin AmericaEuropeAsia PacificWorld CupMiddle EastExplainedOpinionVideoMoreShow more sectionsFeaturesEconomySportHuman RightsClimate CrisisInvestigationsInteractivesIn PicturesScience & TechnologyPodcastsTravelSponsored Contentplay Live Click here to searchsearchSign upNavigation menucaret-leftIranIran’s ‘axis’ in disarrayWill Gulf states join war?Iran’s weaponsWho's in charge in Iran?caret-rightNews|Business and EconomyOil prices back to pre-war levels on rising Middle East supplyThe price of Brent crude has reached its lowest since February 27, before the war started. xwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoDrone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. [File: Mohammed Aty/Reuters]By AFP and ReutersPublished On 25 Jun 202625 Jun 2026Oil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns. Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel. Both contracts hit their lowest since February 27. August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply. Brent had fallen by more than $3 on Wednesday as supply concerns eased, while WTI settled down nearly $3. US Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the past 24 hours. A return to complete normality would take a few weeks, however, because the strait needs to be cleared of mines, he added. Rising Middle East supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world. An initial accord last week to end the US-Israeli war with Iran, which began on February 28, has allowed the resumption of traffic through the strait. The accord set up a 60-day period of negotiations to tackle tougher issues, such as Iran’s nuclear programme. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again. Tehran has said it plans to impose what it calls maritime service fees, as opposed to tolls, while the United States argues it is an international waterway and therefore should not be charged. Oman opened temporary routes on Wednesday to ease tanker departures from the strait, with the International Maritime Organization and Omani authorities coordinating movements. On Thursday, Iran’s Revolutionary Guards warned against any crossings of the Strait of Hormuz without authorisation, saying vessels not complying “will be dealt with” and condemning the new routes. Advertisement AboutAboutShow moreAbout UsCode of EthicsTerms and ConditionsEU/EEA Regulatory NoticePrivacy PolicyCookie PolicyCookie PreferencesAccessibility StatementSitemapWork for usConnectConnectShow moreContact UsUser Accounts HelpAdvertise with usStay ConnectedNewslettersChannel FinderTV SchedulePodcastsSubmit a TipPaid Partner ContentOur ChannelsOur ChannelsShow moreAl Jazeera ArabicAl Jazeera EnglishAl Jazeera Investigative UnitAl Jazeera MubasherAl Jazeera DocumentaryAl Jazeera BalkansAJ+Our NetworkOur NetworkShow moreAl Jazeera Centre for StudiesAl Jazeera Media InstituteLearn ArabicAl Jazeera Centre for Public Liberties & Human RightsAl Jazeera ForumAl Jazeera Hotel PartnersFollow Al Jazeera English: