Crude oil dropped to $72.48 per barrel on the international market Thursday, June 25, marking the sharpest price decline since the war began.

The geopolitical crisis began in February when the United States and Israel launched military operations against Iran. In retaliation, Tehran closed the strategic Strait of Hormuz, a critical maritime chokepoint through which approximately 20% of the world’s petroleum supplies transit.

The closure triggered an immediate energy crisis, sending international crude prices soaring past $120 per barrel and causing global transportation and shipping costs to skyrocket.

According to data released by Kpler, a leading maritime analytics and research firm, traffic through the vital waterway has rapidly rebounded under the terms of the 60-day truce.

Since the agreement was signed, a total of 284 commercial vessels carrying crude oil, natural gas, and chemical fertilizers have successfully transited the Strait of Hormuz.

To prevent further disruptions and ensure the continuous flow of maritime commerce, Qatar and Pakistan are reportedly maintaining constant diplomatic coordination with both Washington and Tehran.

Domestic Impact

The restoration of shipping routes has directly alleviated inflationary pressures on global energy markets. In the United States, the relief is already being felt at the pump; the average price of a gallon (3.8 liters) of gasoline has dropped to $3.93, down from the $4.00 peak recorded in April.