Oil Prices Fall as Strait of Hormuz Reopening Boosts Supply Outlook

Oil Prices Fall as Strait of Hormuz Reopening Boosts Supply Outlook

VoM News Desk, June 24, 2026 [VoM News]: Oil prices continued to decline in early trading, hovering near four-month lows amid growing optimism that the reopening of the Strait of Hormuz will help restore global energy supplies.

Brent crude futures, the international benchmark, fell 0.5 percent to $76.71 per barrel at 00:43 GMT. The decline follows a nearly 1 percent drop on Tuesday, when Brent reached its lowest level since early March.

Global energy prices had surged after Iran closed the Strait of Hormuz during the US-Israel conflict, disrupting one of the world’s most important oil and gas shipping routes. Prices were further driven higher by attacks on energy infrastructure across the region.

The latest decline reflects expectations that shipping traffic and energy exports will gradually return to normal, easing concerns over supply disruptions.

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