Oil price drops to pre-Iran war levels as Strait of Hormuz traffic resumes

Oil prices have fallen to $72.48 a barrel, marking the lowest level since before the Iran war, coinciding with a rise in shipping traffic through the Strait of Hormuz. U.S. President Donald Trump has requested an investigation into major energy companies for their failure to reduce gasoline prices, which now average $3.93 a gallon.

BRIC Team

Jun 25, 2026 · 2 min read · 15 views

Oil price drops to pre-Iran war levels as Strait of Hormuz traffic resumes

Key Takeaways

•Brent crude oil prices dipped below $72.48 a barrel, the lowest since before the Iran war began.
•Since June 17, around 80 ships have crossed the Strait of Hormuz amid peace talks.
•The average price of regular gasoline in the U.S. is now approximately $3.93 a gallon, down from $4 in April.
•President Trump accused major energy companies of price gouging, stating, 'Oil prices have come down so much and we are not seeing anything at the pump.'
•The UK competition watchdog found no widespread evidence of unfair pricing practices, with profit margins remaining 'broadly unchanged' between February and March.

Oil prices have fallen to lows not seen since before Iran conflict, as shipping through critical Strait of Hormuz picks up again . Brent crude dipped below $72.48 a barrel,the price just before U.S. and Israel hit Iran on February 28, then edged back to $72.63.

Energy prices have swung wildly since Iran shut the strait after the strikes. The drop in crude prices sped up after U.S. and Iran inked a Memorandum of Understanding on June 17, starting a 60-day negotiation over Tehran's nuclear plans and other moves to end fighting.

Recent maritime intel shows more ships now passing through Strait of Hormuz since MOU signed. Maritime intelligence firm reports more vessels crossing,carrying crude oil, LNG, fertilizers,and other goods through the waters.

On Monday,mediators from Qatar and Pakistan said U.S. and Iran set up a "communication line" to avoid mix-ups and ensure safe passage of commercial ships. Dimitris Maniatis,CEO of Marisks, noted "big shift" in traffic,estimating around 80 ships have crossed strait since peace talks began in Switzerland.

But,ship numbers still below pre-war levels,when over 100 vessels passed daily. Hundreds still waiting in Gulf,showing full recovery could take time.

The Iran war hit fuel prices hard. Gasoline prices shot up when conflict started,now eyes on how fast they will drop. Average U.S. gas price fell to about $3.93 a gallon, down from $4 in April,highest since 2022. Yet, still above pre-war prices.

President Trump wants probe into big energy firms like Shell and ExxonMobil,accusing them of not cutting pump prices with falling oil costs. "Oil prices have dropped so much,yet we're not seeing it at pump as we should," Trump said at press briefing.

The American Petroleum Institute, representing U.S. oil and gas, said fuel prices don't always match crude oil prices. Similar complaints in UK, where energy firms accused of hiking petrol prices since Iran war began. But UK competition watchdog said last month no widespread unfair pricing,average profit margins "broadly unchanged" between February and March…