Oil prices extended their decline on Thursday, wiping out gains made during the Middle East conflict as investors grew more confident about improving global crude supplies, according to CNBC report.
Brent crude fell 1.3% to $72.75 per barrel, while U.S. West Texas Intermediate dropped 1.1% to $69.60, returning to levels seen before the war began in late February.
The report said many of the non-Iranian vessels had been stranded in the Persian Gulf for more than three months.
Citi said easing geopolitical tensions are now its base case and forecast Brent crude could decline to between $60 and $65 per barrel over the next six to 12 months as shipping normalizes.
However, the report noted that Iran’s Revolutionary Guard warned vessels to follow routes designated by Tehran, underscoring that risks in the Strait of Hormuz have not fully disappeared.
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Brent oil erased all of its wartime gains after flows through the Strait of Hormuz ramped up following progress on a US-Iran peace deal, as Weilun Soon reports. https://t.co/FFbcPzCHEU pic.twitter.com/0J1BGEJJzq
— Bloomberg (@business) June 25, 2026
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