Brent Crude Oil Drops Below $73 on Iran Deal Hopes

Brent crude oil futures fell below $73 per barrel on June 25, 2026, for the first time since February. Prices on the Intercontinental Exchange initially dipped to $72.99 and later reached $72.60, representing a 1.55 percent decline. West Texas Intermediate also dropped 1.25 percent to $69.46, while July delivery crude on the Multi Commodity Exchange slipped 1.2 percent to ₹6,589 per barrel.

Market volatility is driven by growing optimism that the Federal government of the United States and Iran will reach an agreement to increase Iranian crude exports. This expectation has reduced perceived shipping risks in the Strait of Hormuz and encouraged increased tanker movement. To further ease supply, the U.S. issued a temporary waiver allowing the purchase of pre-loaded Iranian cargoes.

These factors, alongside rising exports from the Middle East and West Africa, have increased global supply. This surge has offset recent U.S. inventory data showing crude stockpiles at their lowest level since 1984. The decline marks the fourth consecutive session of losses for oil futures.