Oil down, Brent closes near $77

Oil drilling rigs

Oil prices fell at the close of trading today, June 24, as investors monitored the movement of oil tankers through the Strait of Hormuz amid recent developments related to Iran and ongoing diplomatic efforts to contain tensions in the region.

 

US President Donald Trump said that about 19 million barrels of oil passed through the Strait of Hormuz yesterday, describing this level as record-breaking.

 

Crude oil and refined product exports through the strait were approaching 20 million barrels per day before the outbreak of the war, and the recent increase in shipping traffic coincided with the start of the ongoing round of negotiations between Washington and Tehran.

 

Brent, WTI Futures Prices

Crude

Price ($/bbl)

Change ($)

Change

Brent (August delivery)

77.08

(0.82)

(1%)

WTI (August delivery)

73.21

(0.65)

(0.88%)
*Settlement on June 23.

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Commodity Price

 
Brent Crude Oil
101.00
(0.38) (0.38%)
Nymex
89.08
(1.16) (1.29%)

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