Brent Crude Dips Below Pre-War Level While Hormuz Crossings Stay Below Average

Global benchmark Brent crude briefly fell below $72.48 a barrel on 25 June, the price recorded the day before the US and Israel launched attacks on Iran on 28 February, before edging up to $73.23. The decline follows a partial lifting of US sanctions on Iranian oil exports after representatives from the two sides met in Switzerland last weekend.

The US and Iran signed a Memorandum of Understanding on 17 June that set a 60-day period for negotiations on Tehran's nuclear programme.

Maritime intelligence firm Kpler reported that 284 vessels have transited the Strait of Hormuz since 18 June. That figure remains below the pre-conflict average of some 138 crossings each day. Ships carrying crude oil, liquefied natural gas, fertiliser and other goods have passed through in recent days.

Qatar and Pakistan mediators said in a joint statement on 23 June that the US and Iran had formed a communication line to prevent misunderstandings and ensure safe passage for commercial vessels. A limited number of ships can use a northern passageway with Iranian permission, while the US navy has provided guidance for a southern route clear of mines and obstacles.

US President Donald Trump on 25 June ordered an investigation into major energy companies including Shell and ExxonMobil.

Trump accused the firms of gouging drivers by not reducing fuel prices in line with falling oil costs. "Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be," Trump told reporters in the Oval Office. The average price of regular gasoline in the US has dropped to around $3.93 a gallon after reaching $4 a gallon in April.

In the UK, petrol peaked at 159.53p a litre on 28 May and diesel reached 191.54p a litre on 15 April, according to the RAC. Simon Williams, head of policy at the RAC, said drivers should see the average price of petrol fall below 150p a litre in the next week or so.