Global Oil Prices Decline in International Market

Updated: 5:57 AM PKT — June 25, 2026

The benchmark global oil price declined by more than USD 3 on Wednesday, settling at its lowest level since before the recent US-Iran conflict. The drop is attributed to easing supply concerns as more oil tankers have been exiting the Strait of Hormuz.

Brent crude futures closed at USD 73.74 a barrel, a 4.3 percent decrease, while US West Texas Intermediate (WTI) settled at USD 70.34 a barrel, down 3.9 percent. According to market data, Brent reached its weakest point since February 27, and WTI fell below USD 70 for the first time since March 2.

US Energy Secretary Chris Wright stated that crude oil flows through the Strait of Hormuz are now similar to pre-conflict levels, with approximately 20 million barrels exiting the waterway in the last 24 hours. The increased movement of tankers follows an interim deal between the US and Iran that has unlocked more supply from the Gulf.

Updated: 2:43 AM PKT — June 25, 2026

Crude oil prices in the international market have fallen to a four-month low, according to reports on Wednesday.

Updated: 10:43 PM PKT — June 24, 2026

Following a drop in global oil prices, fuel prices have reportedly been lowered in Pakistan. An announcement on the new petrol prices was made on Wednesday, with reports also indicating that politician Faisal Khokhar made a statement on the matter.

Global oil prices fell sharply on Wednesday, reaching levels seen before the recent US-Iran conflict as oil tankers resumed movement through the Strait of Hormuz. The development follows an interim agreement between Washington and Tehran.

Brent Crude, the international benchmark, declined to trade at $73.65 per barrel, while West Texas Intermediate (WTI) was near $69.87 a barrel. According to shipping data, three tankers carrying approximately five million barrels of crude have resumed their journeys from the strait.

Meanwhile, Oman announced that shipping through the Strait of Hormuz would remain unrestricted. Reports suggest Iran is preparing to expand its oil exports as sanctions are temporarily eased.