Global crude oil prices have fallen below $75 per barrel for the first time since the Middle East conflict erupted at the end of February, after oil tankers began passing through the Strait of Hormuz again.
On Wednesday, 24 Jun 2026 GMT+7, Brent crude oil prices plunged below $75 per barrel for the first time since the U.S.-Iran conflict broke out in late February, as more oil tankers resumed transit through the Strait of Hormuz following an agreement between the two sides.
"The decline in oil prices continues," said Chris Bouchenep, chief market analyst at the online trading platform IG. "This helps alleviate hardship for consumers worldwide, assuming the oil industry can quickly fill the gap caused by months of disruption."
Maritime tracking firm Kpler recorded 25 vessel transits through the Strait on Tuesday and 17 on Wednesday, far below the pre-war level of about 120 daily passages.
U.S. Secretary of State Marco Rubio stated that the U.S. is committed to maintaining pre-war norms, ensuring freedom of navigation through the Strait of Hormuz without fees, as this passage is a key global oil and natural gas shipping route.
However, Iran has repeatedly declared its intention to maintain control over the Strait alongside Oman and to charge what they call "maritime service fees" for passage through the Strait.
Meanwhile, most technology stocks remain weak. The Nasdaq index closed down for the third consecutive day after a slight recovery following a more than 2% drop on Tuesday, driven by concerns over the high valuations of semiconductor firms and other companies linked to the rapid growth of artificial intelligence (AI).
"Investors continue to question the valuation of AI-related stocks," said Jack Ablin from Cresset Capital.
.cna