Oil Price Today (June 23): Crude oil near $78 per barrel as investors track flows through Hormuz. What’s next?

Brent crude futures rose 0.38% to $78.15/barrel and U.S. WTI gained 0.46% to $74.19/barrel on June 23, recovering after a 3%+ drop on Monday following a U.S. 60-day sanctions waiver for Iran amid initial peace negotiations. Despite reduced hostilities in Lebanon, analysts warn that a full reopening of the Strait of Hormuz remains complex due to vessel coordination, infrastructure repair, and de-mining needs, while Saudi Aramco CEO Amin Nasser cautioned that prolonged disruptions could delay oil market stability until 2027, potentially affecting nearly 100 million barrels of weekly supply.