Crude prices eased as diplomatic signals from US, Iran calm escalation fears
The Strait of Hormuz remains a focal point of concern, given its critical role in global oil shipments.
Global crude oil benchmarks settled lower on Friday, 20 June 2025, as easing geopolitical tensions between the United States and Iran tempered fears of further escalation in the Middle East.
Brent crude futures fell $1.84, or 2.33%, to close at $77.01 a barrel.
WTI crude for July delivery edged down 21 cents, or 0.28%, to $74.93
The pullback came after a White House statement on Thursday, alongside a Reuters report suggesting Tehran may be open to talks on limiting its uranium enrichment programme. The developments were interpreted by market participants as signs of a potential diplomatic opening, easing concerns over imminent conflict and supply disruptions.
The Strait of Hormuz remains a focal point of concern, given its critical role in global oil shipments. However, there have been no indications so far that Iran intends to disrupt traffic through the key maritime chokepoint at the mouth of the Persian Gulf.
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