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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a declining geopolitical risk premium, oil futures fell in early Asian trade to their lowest level since the start of the US-Iran conflict on Wednesday, according to a report by the Wall Street Journal. The decline reflects growing signs of easing tensions in the Middle East, reducing the premium that had been added to crude prices due to supply disruption fears.
The drop follows West Texas Intermediate (WTI) crude futures closing at $79.50 per barrel (close of June 24, 2026), per market data. Meanwhile, Brent crude futures settled at $83.20 per barrel in the same session, indicating selling pressure extended to both benchmark grades.
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Sign InTraders are now watching the weekly US inventory data due tomorrow, which could provide further signals on market balance. Markets are also eyeing major central bank decisions, with the Bank of England holding its rate at 3.75% at its June 18 meeting, reinforcing a high-interest-rate environment that pressures commodity prices. In the near term, oil may find support near $78 per barrel, with potential to test lower levels if easing signals persist.