The price of Brent crude oil fell below $75 a barrel for the first time since the start of the Middle East war, as markets reacted to the gradual reopening of the Strait of Hormuz . The drop, reported on Wednesday, 24 June 2026, follows a sustained increase in physical crude supply from the Middle East, which has pushed global markets into deeper discounts . In Estonia, the benchmark price of Brent crude also slipped below $75 for the first time since late February, when the Iran–US conflict flared .

The easing of supply constraints coincides with a sharp fall in retail fuel demand across Europe. Danish forecourt sales dropped 7.1% month-on-month in May, seasonally adjusted, marking a third consecutive monthly decline that economists attribute to the Middle East conflict . In Cyprus, authorities have extended a temporary cut in fuel excise duty to 31 August 2026, citing persistent energy-price pressures linked to the war .

Meanwhile, the Spanish farm lobby COAG warned that olive oil prices are being artificially depressed by speculative trading, despite broader inflationary pressures . The organisation said the strategy risks destabilising rural incomes at a time when the Bank of Spain expects price tensions to persist until at least 2027 .

In Washington, former President Donald Trump ordered an investigation into major oil companies, alleging that retail fuel prices have not fallen fast enough to reflect lower crude costs . The European Central Bank cautioned that sustained high oil prices risk weakening consumption and investment, with knock-on effects for euro-area growth .

As markets digest the partial restoration of Hormuz traffic, analysts warn that geopolitical risks remain elevated. The interplay of supply increases, speculative pressures and policy interventions is keeping energy markets volatile, with consumers and producers alike bracing for further uncertainty.

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Global physical crude markets mired in discounts as Middle East ramps up supply

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