Brief by Shorts91 Newsdesk / 04:16am on 23 Jun 2026,Tuesday Business
Global oil prices fell below $80 per barrel as easing geopolitical tensions and growing expectations of a full reopening of the Strait of Hormuz improved market sentiment. Brent crude dropped below $80 for the first time since March, while WTI traded near $76. The decline follows progress in a US-Iran framework agreement that could restore normal shipping through one of the world’s most important energy corridors. However, the International Energy Agency warned that OECD strategic oil reserves have fallen to their lowest level since 1990 after repeated emergency releases. The IEA also lowered its global oil demand outlook for 2026, citing higher fuel costs, trade disruptions and continuing uncertainty. (PC: CNN)
