Crude oil slipped due to US-Iran peace talks: Prices fell by more than 33% from the peak of war, shipping normal in the Strait of Hormuz

A very big and relief news is coming out from the Global Energy Market. Due to the ongoing diplomatic efforts between America and Iran and normalization of movement of commercial ships in the Strait of Hormuz, the trend of decline in crude oil prices is continuing. On Wednesday, June 24, 2026, crude oil prices slipped further in the international market. Crude oil prices have now fallen by a whopping one-third (more than 33%) from record highs they reached during the major military conflict that began in late February. Latest price of crude oil: Brent crude slipped near $76 and WTI near $72. Both the major benchmark futures in the global markets are trading in the red mark (Negative Zone): Brent Crude: Brent crude futures for August delivery, considered the international standard, fell again by 0.45% today to $76.73 per barrel after falling 1.1% in the previous session. US WTI Crude: US West Texas Intermediate crude futures are also trending down by 0.48% today at $72.86 per barrel. 4 main reasons for the fall in oil prices (Global Developments) According to global commodity experts, the following four major diplomatic and strategic developments are responsible for the pressure on oil prices and increase in supply: 1. Diplomatic talks between America and Iran have shown signs of positive progress on the initial front to end the military tension between Washington and Tehran that has been going on since February. Although these talks are expected to drag on for a long time, as part of the diplomatic process, America has given a temporary waiver to buy Iranian oil. After receiving this exemption, Iranian exporters have once again become commercially associated with the big refining countries of Asia, due to which the supply of oil in the market has increased. 2. Shipping activity becomes normal in the Strait of Hormuz. The movement of ships and oil tankers through the world’s most important maritime oil route ‘Strait of Hormuz’ has now become completely normal. Hundreds of ships stranded in the Persian Gulf have come out safely after the International Maritime Organization (IMO) got assurance of safety. The confidence of ship owners has increased so much that they are now keeping their satellite tracking systems continuously active. 3. Gulf countries increase production to war level Major oil producing countries of the Persian Gulf are rapidly increasing production to re-establish their exports in the market: United Arab Emirates (UAE): According to the International Energy Agency (IEA), the UAE has regained 85% of its pre-war production level. Kuwait and Iraq: Kuwait has withdrawn all its ‘Force Majeure’ (emergency restrictions) measures imposed on oil supply, while Iraq is also continuously increasing production. 4. Challenge to US President Donald Trump from the Senate: There has been a big upheaval in American domestic politics due to this war. The Republican-controlled Senate has approved a historic resolution to end US interference in the ongoing military conflict with Iran. Although this symbolic move is not expected to lead to immediate changes in the main policies of President Donald Trump’s administration, it clearly shows that political and domestic support within the US for this military campaign is extremely limited. What will the market keep an eye on going forward? The crude oil market is now eyeing the outcome of the new agreement between Iran and Oman controlling the administration of the Strait of Hormuz. There is slight concern in the market that Tehran may impose additional transit charges (additional fees) on ships passing through this strategic route. If this conversation is also resolved, then in the coming days we may see a big relief in the prices of petrol and diesel in the Indian markets.