Brent Crude Falls to $72.06, Erasing All War Gains in 11 Days as Inventory Pressure Looms

According to BlockBeats, Brent crude oil fell to $72.06 on June 26, completing a rapid retreat to pre-conflict levels in just 11 days and erasing all gains from the U.S.-Iran escalation. The crude has dropped 39% from its March peak of $118.35; WTI crude closed at $71.92, down 36% from its high.

However, the recovery appears fragile. Data from S&P Global showed 78 tankers transiting the Strait of Hormuz on Wednesday—a post-conflict high—but still only 57% of pre-crisis levels. More critically, U.S. Cushing inventories have fallen to 19 million barrels, roughly 1 million barrels below the level needed to maintain system stability, according to TD Securities.