Crude oil prices sink 8% in one week to $72/bbl pre-war lows; gold down 0.2%

Crude oil prices in the global market have lost more than 8% in one week, dropping to near $72 per barrel (bbl) pre-war levels during the early market session on Thursday, June 25, as investors focused on the optimism of the near-term end to the US-Iran conflict, and reports of an increase in maritime trade via the Strait of Hormuz.

Data collected from Investing.com showed that the global benchmark, Brent crude oil prices, have declined 8.5% to their current levels over the last five trading sessions. The energy prices have dropped 24% in one month and 28% in the last three months.

On Thursday, crude oil prices dropped to their lowest level since February 27, 2026, which is one day before the United States carried out targeted attacks against Iran, with the help of Israel, starting the West Asia conflict.

Investors are now focused on the 60-day timeline for the United States and Iran to come up with a final peace agreement, as negotiations remain underway between the countries.

Latest reports suggest that the vessel traffic transiting from the Strait of Hormuz has doubled over the last 24 hours to its highest level since late February, the start of the US-Iran war in West Asia, a key trigger for the fall in oil prices.

Oil prices today

At 7:40 am (IST), the Brent crude oil futures were trading 1.48% lower at $72.79 per bbl on Thursday’s market, compared to $73.41 per bbl at the previous market close, according to Investing.com data.

Meanwhile, the US-based West Texas Intermediate (WTI) crude oil futures were trading 1.69% lower at $69.15 per bbl as of 7:41 am (IST), compared to $70.34 per bbl at the previous commodity market close, as per the exchange data.

Although oil prices have dropped to their pre-war levels, investors remain cautious as they closely monitor the energy prices, as the rates are highly sensitive and linked to the developments in the West Asia negotiations.

Any further escalations from the parties involved in the West Asia conflict are likely to fuel oil prices back to higher levels in the global market.

Latest update on West Asia conflict

According to a CNN report, maritime traffic has doubled over the last 24 hours at the Strait of Hormuz, with at least 34 vessels exiting the key trading passage into the Gulf of Oman. The report also suggests that there are at least 14 tankers and 20 cargo ships exiting the route.

Another 20 vessels have entered the Persian Gulf, which comprises nine oil tankers and 11 cargo ships. The report suggests that the maritime route averaged 110 vessels on a daily basis before the war.

The US Secretary of State, Marco Rubio, arrived in the Gulf region on Wednesday to speak to the United Arab Emirates, Bahrain, and Kuwait about the peace deal, while negotiations continue towards a final agreement.

Rubio has promised to keep the interests of the Gulf nations in mind, as he is set to meet the Gulf Cooperation Council in Bahrain on Thursday.

Gold prices today

At 9:48 pm (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.20% lower at around $4,000 per ounce during the evening market hours on Wednesday, compared to $4,008.80 per ounce at the previous commodity market close.

The data further showed that gold prices have declined more than 11% in one month, and nearly 8% so far in the calendar year 2026. The precious metal prices were trading 8.7% lower in the last five market sessions.

The gold prices were trading near flat but at lower levels during the morning market hours on Thursday, India time, due to the precious metal witnessing pressure from an elevated US dollar rate.

Traders tend to buy less quantities of gold during an overall easing geopolitical sentiment and an elevated US dollar rate, which further impacts the demand for precious metal, forcing down the prices.

Data collected from the US dollar spot index (DXY) showed that the greenback was trading 0.03% weaker at 101.55 as of Wednesday evening, compared to 101.58 at the previous currency market close.