Brent crude oil prices have fallen to around $75 a barrel, the lowest since the outbreak of the US-Iran war earlier this year. This sharp decline is evidence of easing geopolitical stress, a revived shipping in the Strait of Hormuz and advances in peace talks that have calmed global markets.
On June 24, 2026 Brent crude slipped to an intraday low of $75.44 per barrel, while West Texas Intermediate (WTI) fell to $71.42. Both are down a lot with Brent down 23 percent in the past month and WTI down nearly 15 percent. It is because of low risk premiums as there are lower fears of supply disruption.
One of the main reasons for the decline is peace talks. The United States recently gave Iran a 60-day sanctions waiver that is encouraging de-escalation and the confidence in crude supply stability. And shipping through the Strait of Hormuz has restarted, with tankers openly entering following safety guarantees. It’s a waterway that is responsible for nearly 20% of global oil and LNG trade and its reopening has calmed energy markets.
The International Energy Agency (IEA) said that more than 14 million barrels per day of oil production that had been shut down during peak conflict is slowly returning to the market. This has also eased the supply concerns. Investor sentiment has also changed, and traders priced in lower geopolitical risks and just made a few money on fundamentals.
The decline in oil prices around the world has helped to ease inflationary pressure, especially in Asia, where import costs soared during the war. In the United States, President Donald Trump criticized oil companies for not lowering gasoline prices to correspond with the falling crude price and ordered a Department of Justice probe into “gouging by consumers.” But analysts have been predicting Brent will stabilize around $80 per barrel by the end of the quarter, and could recover to $93 per barrel in the next 12 months.
For India, the fall in crude prices could bring great relief. India is one of the world’s largest oil importers and as such, lower fuel costs, lower trade deficit and lower inflationary pressures will be the key for it. If energy costs fall again policymakers will be more flexible in managing the economy.
Finally, Brent crude’s drop to $75 per barrel is a step in the right direction since the war started in the US–Iran. With tension reduced and the flow of supply back to the world is starting to improve, the energy market is slowly stabilizing which would be good for India, but could also be bad for the rest of the world at this time.
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