News · 25 June 2026

Oil prices back to pre-Iran war levels

Global oil prices have dropped significantly, returning to where they were before the Iran war began on 28 February, as shipping through the vital Strait of Hormuz slowly recovers. This follows a US and Iran agreement signed on 17 June to negotiate Tehran's nuclear program and end the conflict. Around 80 ships have crossed the strait since Monday, though this is still below pre-war levels of over 100 daily.

By BriefTea Editorial · 25 June 2026 at 10:13

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