Oil Prices Plummet to Lowest Since Pre-iran War Levels
WHO:
CNBC - U.S. President Donald Trump criticized oil companies.
WHAT:
NY Post - Oil prices fell below $75 a barrel as traders cheered an evacuation plan for vessels trapped in the Strait of Hormuz.
CNBC - West Texas Intermediate futures hit a session low of $69.63 per barrel, the first time the contract has fallen below $70 since March 2.
Bloomberg - Goldman Sachs cut its fourth-quarter crude forecast to $80.
NY Post - Oil prices fell below $75 a barrel.
CNBC - West Texas Intermediate (WTI) futures hit a session low of $69.63 per barrel.
CNBC - WTI was last trading down 4% at $70.22 per barrel.
CNBC - Brent crude futures fell 4.2% to $73.83 per barrel.
CNBC - This marked the lowest level for Brent crude since before the U.S. and Israel launched airstrikes against Iran on February 28.
WHERE:
CNBC - The Strait of Hormuz, a critical strategic waterway for global trade flows, is located in the Gulf of Oman.
WHEN:
CNBC - The airstrikes against Iran occurred on February 28.
CNBC - The oil price drop was reported on a Wednesday.
WHY:
NY Post - Traders were hopeful for a normalization of global energy supplies due to an evacuation plan for vessels in the Strait of Hormuz.
CNBC - Hopes were raised that the worst of the Middle East supply disruption is over as tankers continued to transit the Strait of Hormuz.
HOW:
Bloomberg - Daan Struyven, co-head of global commodities research at Goldman Sachs, explained that oil prices are coming down quickly following the U.S. and Iran reaching an interim peace agreement.
CNBC - President Trump instructed the Department of Justice to investigate oil companies for not lowering gasoline prices in line with the decline in crude prices.
(UPDATED June 24, 2026 21:26 UTC)
Oil prices have dropped below $75 a barrel as traders welcomed an evacuation plan for vessels trapped in the Strait of Hormuz. West Texas Intermediate futures reached a session low of $69.63 per barrel, marking the first time this contract has dipped below $70 since March 2. Goldman Sachs has also revised its fourth-quarter crude forecast down to $80, with Daan Struyven noting that prices are declining rapidly following an interim peace agreement between the U.S. and Iran.
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(UPDATED June 24, 2026 19:38 UTC)
President Trump has criticized oil companies for not lowering gasoline prices despite a significant drop in crude oil prices. As a result, oil prices have fallen below $75 a barrel, with West Texas Intermediate futures hitting a session low of $69.63 per barrel and Brent crude futures dropping to $73.83 per barrel, marking the lowest level since before the airstrikes against Iran. Traders are optimistic about a normalization of global energy supplies, especially with an evacuation plan for vessels in the Strait of Hormuz, a key waterway for global trade.