Crude oil prices drop near four-month low as Strait of Hormuz flows normalize; Can oil sink below $50 a barrel?

Crude oil prices dropped near four-month lows with Brent crude falling 1.18% to $76.17 a barrel and WTI slipping 1.16% to $72.36, as oil flows through the Strait of Hormuz normalized following progress in US-Iran peace talks. Prices have retreated over 36% from the near $120 peak hit during the peak of the recent US-Iran war earlier in 2026, aided by a 60-day US sanctions waiver for Iranian exports. Analysts at IndusInd Securities and Kedia Advisory expect Brent to trade in the $65-$75 range and $70-$85 respectively in the coming months, viewing a fall below $50 as unlikely given steady demand and likely OPEC+ production cuts.