At the close of trading on 24/6, Brent crude oil decreased by nearly 4% to below 75 USD a barrel. This marks its lowest level since the United States and Israel conducted airstrikes targeting Iran in late february.

Meanwhile, US crude oil WTI also fell by 3,5%, now trading at around 71 USD a barrel. This development contrasts with a month ago, when oil prices exceeded 100 USD a barrel.

The market declined as the United States and Iran began a 60-day phase of peace negotiations, with expectations that energy flows through the Strait of Hormuz would return to normal. Investor concerns about potential supply disruptions have eased.

WTI oil price movements over the past year. Chart: Trading Economics

Also on wednesday, US President Donald Trump stated that American consumers have not fully benefited from the sharp decline in crude oil prices in recent weeks.

"Oil and gas corporations have not reduced retail fuel prices in proportion to the decline in oil prices they are purchasing. This means the public is still paying high prices", Trump wrote on the social media platform Truth Social. He added that he has asked the US Department of Justice (DOJ) to urgently review the matter.

However, Karen Young, a senior research scholar at Columbia University's Center on Global Energy Policy, noted that gasoline prices in the United States depend on crude oil and various state and local government taxes. Additionally, the price adjustment process from crude oil to refining and then to gas stations typically takes a certain amount of time.

"It typically takes several weeks for a drop in crude oil prices to be reflected in refinery prices and then passed on to consumers. Therefore, gasoline prices cannot decrease immediately in sync with crude oil", Young explained.

Dinh Tri (according to Reuters, CNBC)