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June 25, 2026
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Brent settles at lowest since before start of Iran war as more tankers exit Hormuz
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Key Points
- Global oil prices, including Brent and WTI, fell significantly to their lowest levels since before the Iran war.
- The decline is attributed to easing supply concerns as more oil tankers exit the Strait of Hormuz, aided by military escorts and an interim US-Iran deal.
- The US has authorized Iranian oil sales, easing sanctions, which is expected to quickly boost Iranian production and exports.
- Oman has committed to keeping the Strait of Hormuz open without tolls and designated new routes to ensure safe passage of vessels.
- Despite increased supply, uncertainties persist regarding the US-Iran accord's durability, and US crude inventories remain tight, while J.P. Morgan lowered its 2026 Brent price forecast.
Why This Matters
As both an oil producer and importer, Ghana is significantly impacted by global oil price fluctuations. Lower prices reduce the cost of imported fuel, benefiting consumers and businesses through decreased transportation and energy expenses, which can curb inflation. However, it also means lower revenue from Ghana's own oil exports, potentially affecting government income and development projects.
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