Oil falls below $74 as Hormuz traffic recovers after Iran war

Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.

Jack Dutton

Jun 24, 2026

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The price of oil fell below $74 a barrel on Wednesday for the first time since before the US-Israel-Iran war began on Feb. 28 as concerns over disruptions in the Strait of Hormuz continued to ease.

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