Oil prices fall below $75 per barrel.

VTV.vn - This is the first time the price of US crude oil has fallen below $75 per barrel since the beginning of March.

Oil prices fell below $75 per barrel for the first time since March 2026 - Photo: THX

US crude oil prices fell 2.7% in trading on June 22, to around $74 a barrel, after US Treasury Secretary Scott Bessent announced a 60-day waiver from sanctions on Iranian oil purchases.

This marks the first time US crude oil prices have fallen below $75 per barrel since early March. The international benchmark Brent crude also dropped 4%, to around $77 per barrel, its lowest level since the conflict with Iran began. However, both types of oil remain significantly higher than pre-war levels, at $62 per barrel for US crude and $68 per barrel for Brent crude, respectively.

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Crude oil prices fell sharply following progress in US-Iran negotiations.The US and Iran have made new progress in energy negotiations, easing significant supply pressures and causing world oil prices to fall sharply.

In a statement posted on social media on June 22, Bessent said Iran had “committed to ensuring free and unobstructed transit through the Strait of Hormuz.” However, market optimism may still be premature, as negotiations regarding the Strait of Hormuz and the military situation in the region remain complex. On June 20, Iran again threatened to close the strait in retaliation for Israeli attacks in Lebanon.

Meanwhile, shipping traffic through the Strait of Hormuz began to recover over the past weekend, but remains significantly lower than pre-conflict levels. Data from global shipping tracking company Kpler shows that from June 19th to 21st, an average of 23 ships passed through the Strait of Hormuz each day. This represents a marked improvement compared to the peak of the conflict in April, when the number of ships was in single digits. However, the current level is still far below the average of approximately 130 ships per day before the conflict.

According to the agreement with the US, Iran must allow ships to pass through the Strait of Hormuz free of charge for 60 days. After this period, Tehran will discuss with Oman and other Gulf states about the mechanism for managing the strait, meaning that transit fees may be introduced in the future.

Meanwhile, prices of many other key commodities are also returning to pre-conflict levels. Data from commodity research firm Argus shows that the price of urea – a key ingredient in fertilizer production – has fallen by about 50% from its peak recorded in April.

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Source: https://vtv.vn/gia-dau-xuong-duoi-75-usd-thung-100260623094056121.htm