New York Times (June 27)
“Over the past 24 hours, prices have dipped below the levels not seen since Feb. 27, the eve of the war in Iran, when Brent crude settled at $72.48 a barrel.” The sharp drop is attributable to “increased optimism that a deal would be reached to enable more regular shipping flows through the strait.” And a lot of “oil coming through the strait is poised to hit the market all at once, putting downward pressure on prices.” The I.E.A. believes there could even be a glut next year as “global demand is expected to drop by almost five million barrels a day in the second quarter of 2026 partly because consumers scaled back their energy use during the conflict.”
Tags: Brent crude, Consumers, Dipped, Downward pressure, Energy use, Global demand, Glut, I.E.A., Iran, Market, Oil, Optimism, Prices, Shipping flows, Strait, War
