CNBC: Brent Oil Falls Below $75 — Lowest Since Before the US-Israel War

Date: June 24, 2026
Author: Spencer Kimball, CNBC
URL: https://www.cnbc.com/2026/06/24/oil-prices-wti-brent-crude-trump-doj-gasoline-prices-strait-of-hormuz.html

Key Facts

Price Action (June 24)

  • Brent crude August futures: $74.73/barrel (−3.05%) — lowest since before Feb. 28 US-Israel strikes on Iran
  • WTI August futures: ~$71.02/barrel (−~3%)
  • Oil extended losses as supply disruption concerns eased

Trump vs. Oil Companies

  • Trump on Truth Social criticized oil companies for not lowering gasoline prices in line with crude decline
  • "The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!"
  • "In other words, customers are being 'gouged.' I have instructed the DOJ to immediately start looking into this."
  • Karen Young (Columbia University CGEP): described the post as "political theater," noting U.S. gasoline prices involve state/local taxes; refiners need 2+ weeks to pass through crude price drops

IMO Seafarer Evacuation

  • 11,000+ seafarers stranded in Persian Gulf to begin exiting through Strait of Hormuz after safety guarantees secured
  • IMO Secretary-General Arsenio Dominguez: "We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation"
  • Evacuation to be carried out "in close cooperation with Iran, Oman, all other coastal States in the region, the United States and the maritime industry"

Supply Chain Impact

  • DHL Global Forwarding Greater China CEO Aditi Rasquinha noted longer transit times for trapped vessels and air freight disruptions
  • "With the Strait opening up, potentially a lot of that should ease" — but normalization will take time

Analytical Notes

  • Brent below $75 represents a full unwind of the war/geopolitical risk premium
  • The price level is now below pre-war levels, signaling market pricing in a resolution scenario
  • The DOJ gasoline price investigation adds a political dimension to the post-crisis environment
  • IMO evacuation of 11,000 seafarers is a key humanitarian milestone — 4 months of strandings