Oil price drops to lowest level since before Iran war as Strait of Hormuz traffic resumes

Oil prices fell to $72.63 a barrel, marking the lowest point since prior to U.S. and Israel's attacks on Iran on February 28. This drop comes after a June 17 MOU between U.S. and Iran, resulting in heightened maritime traffic through Strait of Hormuz.

BRIC Team

Jun 25, 2026 · 2 min read · 9 views

Oil price drops to lowest level since before Iran war as Strait of Hormuz traffic resumes

Key Takeaways

•Brent crude oil prices fell to $72.48 a barrel, matching pre-conflict levels before U.S. and Israel's attacks on Iran on February 28.
•A Memorandum of Understanding signed on June 17 initiated a 60-day negotiation period between the U.S. and Iran regarding Tehran's nuclear program.
•Dimitris Maniatis noted a 'tremendous shift' with approximately 80 ships crossing the Strait of Hormuz since peace talks began.
•The average cost of regular gasoline in the U.S. has dropped to $3.93 a gallon, down from $4 in April 2023.
•President Trump criticized major energy companies for not lowering fuel prices despite the significant drop in oil prices, stating, 'We are not seeing anything at the pump.'

Oil prices have plunged to lows unseen since before recent Iran conflict,as traffic through crucial Strait of Hormuz rebounds. Brent crude briefly fell below $72.48 a barrel — same point just before U.S. and Israel hit Iran on February 28 — then ticked up to $72.63 .

Prices have swung wildly since Iran hit back,including effectively closing strait, a key route for oil,gas shipments. Decline sped up after U.S. and Iran signed Memorandum of Understanding (MOU) on June 17,launching 60-day talks targeting Tehran's nuclear program to halt fighting.

Talks in Switzerland between both sides led to partial lifting of U.S. sanctions on Iranian oil. Maritime intel firm Kpler noted sharp rise in vessels navigating Hormuz since MOU . Ships moving crude,LNG, fertilizer, more.

A new "communication line" now links U.S. and Iran to avoid misunderstandings,ensure safe passage through strait . Dimitris Maniatis,CEO of Marisks,said there's a "tremendous shift" in traffic,with about 80 ships crossing since peace talks started.

But ship numbers still under pre-war levels,when over 100 crossed daily. Hundreds wait in Gulf, showing full traffic recovery may take longer.

Iran war spiked pump prices; focus now on how soon they drop. Regular gas in U.S. averages $3.93 a gallon,down from $4 in April,highest since 2022. Still high compared to pre-conflict.

President Trump wants probe into energy giants like Shell,ExxonMobil, accusing them of not cutting fuel prices as oil falls. "Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be," Trump said at presser .

American Petroleum Institute,representing U.S. oil/gas sector,argues fuel prices don't always track crude oil. British firms face similar price gouging claims since Iran war began. But UK competition watchdog said last month no widespread evidence,noting profit margins "broadly unchanged" between February,March .