Oil prices back to pre-war levels on rising Middle East supply
Key takeaways
- The price of Brent crude has reached its lowest since February 27, before the war started.
- Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel.
- Both contracts hit their lowest since February 27.
Why this matters: an international story with cross-border implications worth tracking.
The price of Brent crude has reached its lowest since February 27, before the war started.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. [File: Mohammed Aty/Reuters]By AFP and Reuters Published On 25 Jun 202625 Jun 2026Oil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns.
Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT, while US West Texas Intermediate (WTI) lost 76 cents (1.08 percent) to $69.58 a barrel.