A market analyst said “the carnage continues in oil prices” as crude prices continued to fall.
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, Jun 24, 2026. (Photo: REUTERS/Brendan McDermid)
25 Jun 2026 05:20AM
NEW YORK: Oil prices retreated Wednesday (Jun 24) to their lowest levels since the start of US-Iran war while tech shares continued to show weakness on a mixed day for global stocks.Brent crude dropped below US$75 a barrel for the first time since the start of the Middle East war at the end of February as more tankers returned to the Strait of Hormuz following the US-Iran agreement."The carnage continues in oil prices," said Chris Beauchamp, chief market analyst at online trading platform IG."This delivers relief for consumers around the globe, assuming the oil industry can scramble to fill the gap left by months of disruption," he added.As of 3pm GMT (11pm, Singapore time) on Wednesday, maritime tracking firm Kpler recorded 25 transits by commodity ships on Tuesday, and 17 so far on Wednesday. In peacetime, around 120 ships normally pass through the Strait of Hormuz each day, carrying about a fifth of global oil and LNG gas exports.US Secretary of State Marco Rubio said the US was committed to preserving the pre-war status quo of toll-free navigation in the Strait of Hormuz, which carries a substantial proportion of global oil and gas shipments.Iran, however, has repeatedly said it intends to retain control over the strait, along with Oman, and charge what it calls maritime service fees for crossing it.
