10:35 - 24.06.2026

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June 24, Fineko/abc.az. Global crude oil prices maintained their downward trajectory as commercial tanker traffic accelerated through the Strait of Hormuz and diplomatic channels between the US and Iran signaled early operational breakthroughs toward ending the conflict.

According to ABC.AZ, citing institutional energy data via Bloomberg, West Texas Intermediate (WTI) consolidated near $73 per barrel, while Brent crude successfully closed its session tightly above the $77 threshold. The International Maritime Organization (IMO) confirmed it had locked in security guarantees enabling hundreds of commercial vessels to exit the Persian Gulf safely. However, a joint regulatory initiative launched by Iran and Oman targeting trans-strait logistics management has sparked market concerns regarding potential transit fees levied by Tehran.

Core Geopolitical and Inventory Data Points:

US Senate Legislative Pushback: In a rare symbolic challenge to President Donald Trump, the Republican-led US Senate voted to formally bring an end to the military engagement with Iran, highlighting shifting domestic political alignments regarding current administrative strategies.

Critical Supply Drawdown at Cushing: Telemetry from the American Petroleum Institute (API) reveals that crude inventories at the Cushing, Oklahoma storage hub drew down by 1 million barrels last week. If confirmed by upcoming official government metrics, aggregate stock volumes will breach the psychological minimum operational baseline of 20 million barrels.