{"id":1518037,"date":"2026-06-24T11:23:58","date_gmt":"2026-06-24T16:23:58","guid":{"rendered":"http:\/\/ktbb.com\/post\/?guid=db1f564595f7614d9371b152f247ec98"},"modified":"2026-06-24T11:36:54","modified_gmt":"2026-06-24T16:36:54","slug":"global-oil-prices-fall-to-lowest-level-since-before-the-iran-war","status":"publish","type":"post","link":"https:\/\/ktbb.com\/post\/?p=1518037","title":{"rendered":"Global oil prices fall to lowest level since before the Iran War"},"content":{"rendered":"
A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi\/Getty Images)<\/figcaption><\/figure>

(NEW YORK) -- Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war<\/a>.<\/p>

Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.<\/p>

Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday<\/a>. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%. <\/span>Gas prices fell<\/a> below $4 per gallon last week, crossing the milestone as oil costs eased in response to negotiations between the U.S. and Iran to end the war.<\/p>

The national average price of a gallon of gas stands at $3.92, marking a decline of 58 cents, or 13%, over the past month, AAA<\/a> data showed. Gas prices, however, remain 94 cents higher than where they stood before the Iran war.<\/p>

The Middle East conflict prompted the Iranian closure of the Strait of Hormuz<\/a>, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.<\/p>

Delegations from the United States and Iran arrived over the weekend at the B\u00fcrgenstock resort in Switzerland, where they began negotiations aimed at a war-ending deal based on a memorandum of understanding signed last week by both countries.<\/p>

The memorandum in part called on Iran to allow commercial shipping to resume through the strait, and to do so toll-free for the next 60 days.<\/p>

In a social media post on Wednesday, President Donald Trump said<\/a> Iran told him that there would be \"no tolls, no insurance costs\" and \"no other charges of any kind\" for ships traveling through the strait.<\/p>

Claims to the contrary are \"troublemaking\" false reports, Trump said in the post.<\/p>

Copyright \u00a9 2026, ABC Audio. All rights reserved.<\/p>","protected":false},"excerpt":{"rendered":"

A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi\/Getty Images)(NEW YORK) — Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.Brent crud…<\/p>\n","protected":false},"author":2130,"featured_media":1518040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/ktbb.com\/post\/wp-content\/media\/2026\/06\/a803fc416a6cec8ea5d7128da3e149d6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1450,1502],"tags":[],"class_list":["post-1518037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abc-business-news","category-abc-heads"],"publishpress_future_action":{"enabled":false,"date":"2026-06-26 14:31:45","action":"change-status","newStatus":"trash","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"fifu_image_url":"https:\/\/ktbb.com\/post\/wp-content\/media\/2026\/06\/a803fc416a6cec8ea5d7128da3e149d6.jpg","_links":{"self":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1518037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/users\/2130"}],"replies":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1518037"}],"version-history":[{"count":2,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1518037\/revisions"}],"predecessor-version":[{"id":1518041,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/posts\/1518037\/revisions\/1518041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=\/wp\/v2\/media\/1518040"}],"wp:attachment":[{"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1518037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1518037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktbb.com\/post\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1518037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}