Oil Price Today (June 25): Crude oil erases Iran war gains as Hormuz traffic boosts supply. What are experts saying?

Crude oil prices fell sharply as shipping through the Strait of Hormuz resumed after the ceasefire between the U.S., Israel and Iran, with Brent crude slipping below $73 per barrel for the first time since late February and trading at $72.40, down about 42% from its April 30 high of $126. WTI also declined to $69 a barrel. U.S. Energy Secretary Chris Wright said around 20 million barrels passed through the strait in 24 hours, nearly back to pre-war levels, though full normalization could take weeks due to ongoing demining work. Lower crude prices are positive for India, a major oil importer, easing the import bill and inflation pressures, though analysts caution global inventories remain depleted and a full market reset could extend into 2027.