Brent Crude

2026

Seismic

<h3 id="key-highlights">Key Highlights</h3>
<ul>
 <li>Brent crude dropped to approximately $74 while WTI declined to roughly $70.77, both posting around 7% weekly declines</li>
 <li>Shipping activity through the Strait of Hormuz reached peak levels since the Iran crisis erupted</li>
 <li>The majority of increased traffic consists of departing vessels previously stuck in the waterway, with minimal new inbound ships</li>
 <li>A commercial ship attack by Iran near Hormuz led the IMO to halt its crew evacuation initiative</li>
 <li>Venezuelan seismic activity threatens oil production through electrical grid disruptions, introducing minor upward pressure</li>
</ul>
<p>Crude oil prices experienced a decline of almost 2% on Friday, marking the conclusion of a third consecutive week of losses. Brent crude and West Texas Intermediate both recorded approximately 7% decreases over the weekly period.</p>
<figure class="wp-caption aligncenter"><img src="https://blockonomi.com/wp-content/uploads/2026/06/Screenshot-2026-06-26-093113.webp" alt="Brent Crude Oil Last Day Financ (BZ=F)" width="1132" height="517">
 <figcaption><a href="https://finance.yahoo.com/quote/BZ=F/" rel="noopener noreferrer nofollow">Brent Crude Oil Last Day Financ (BZ=F)</a>
 </figcaption>
</figure>
<p>During current trading sessions, Brent was hovering around $74 per barrel. WTI was trading in the vicinity of $70.77. The crude market has now relinquished the majority of advances made during the Iranian conflict escalation, which previously sent prices soaring beyond $120 per barrel during peak tensions.</p>
<h3 id="strait-shipping-activity-improves-yet-experts-remain-skeptical">Strait Shipping Activity Improves, Yet Experts Remain Skeptical</h3>
<p>The primary catalyst behind the price retreat centers on enhanced vessel movement through the Strait of Hormuz. Oil tanker passages through this critical waterway reached their strongest levels since hostilities commenced earlier this year.</p>
<div class="embed-x">
 <blockquote class="twitter-tweet">
  <p><img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f1ee-1f1f7.png" alt="🇮🇷"> After Trump posted that the Strait of Hormuz is "completely open" the IRGC shot a Singapore-flagged cargo ship on it.</p>
  <p>The Ever Lovely. The bridge damaged, but no casualties.</p>
  <p>Iran just put a hole in a commercial vessel days into a deal that was supposed to guarantee safe… <a href="https://t.co/kGuwQipVAe" rel="noopener noreferrer nofollow">https://t.co/kGuwQipVAe</a><a href="https://t.co/rSEB4hvbL0" rel="noopener noreferrer nofollow">pic.twitter.com/rSEB4hvbL0</a></p>
  <p>— Mario Nawfal (@MarioNawfal) <a href="https://x.com/MarioNawfal/status/2070212931380498714?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2026</a></p>
 </blockquote>
</div>
<p>Nevertheless, energy analysts at ING cautioned that the situation requires deeper examination. Their assessment revealed that virtually all the increased activity involves outgoing traffic — specifically tankers that had been immobilized in the strait since March and are finally departing.</p>
<p>The volume of tankers entering the Persian Gulf to collect new crude shipments continues to lag significantly. ING suggested that once the backlog of stranded vessels clears, shipping flows might experience a substantial downturn.</p>
<p>Reuters additionally reported that total vessel movements remain well below pre-conflict benchmarks. Prior to the crisis, approximately 125 ships navigated the passage daily.</p>
<h3 id="iranian-attack-complicates-diplomatic-progress">Iranian Attack Complicates Diplomatic Progress</h3>
<p>A commercial vessel came under attack near Omani waters earlier this week. American authorities verified that Iranian forces targeted the ship. The incident temporarily lifted prices by over 2% before the market returned to its declining trajectory.</p>
<p>The International Maritime Organization halted its initiative to assist with evacuating trapped vessels and maritime personnel in response to the attack. This development injected renewed skepticism regarding the stability of the tentative US-Iran diplomatic agreement.</p>
<p>The preliminary agreement, finalized last week, facilitated the strait’s partial reopening and served as the principal factor driving oil prices down from their highs above $90 per barrel earlier this month.</p>
<h3 id="venezuelan-seismic-events-introduce-production-concerns">Venezuelan Seismic Events Introduce Production Concerns</h3>
<p>Catastrophic earthquakes struck Venezuela during the early part of this week. Although the nation’s <a href="https://coincentral.com/oil-prices-drop-back-to-pre-war-levels-as-hormuz-traffic-recovers/" rel="noopener noreferrer nofollow">oil infrastructure</a> was not situated in the primary impact zones, electrical system failures resulting from the seismic events are anticipated to interfere with production operations.</p>
<p>Market observers identified this development as a possible supply constraint, though it has proven insufficient to counteract the prevailing downward price momentum.</p>
<p>Market focus continues to concentrate on developments in the Hormuz region and advancement of US-Iranian diplomatic efforts. Until greater clarity emerges on these fronts, commodity traders seem hesitant to support higher price levels.</p>
<p>The post <a href="https://blockonomi.com/crude-prices-slide-for-third-consecutive-week-amid-hormuz-shipping-revival/" rel="noopener noreferrer nofollow">Crude Prices Slide for Third Consecutive Week Amid Hormuz Shipping Revival</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.</p>

Crude Prices Slide for Third Consecutive Week Amid Hormuz Shipping Revival

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