Crude oil markets closed June with their sharpest quarterly decline since 2020, driven by a rapid normalization of supply following a ceasefire agreement between the United States and Iran.
The peace deal has triggered the resumption of Iranian oil exports, effectively ending the historic supply crunch that had dominated energy markets in the first half of 2026.
Brent crude futures fell 20% during the month, slipping below the US$75 per barrel threshold for the first time since the conflict began.
Brent crude futures fell 20% during the month, slipping below the US$75 per barrel threshold for the first time since the conflict began.
The benchmark’s drop signals a swift unwinding of the geopolitical risk premium that had propped up prices earlier in the year.
WTI crude mirrored the decline, reflecting broad-based selling across global benchmarks as traders adjusted to the prospect of increased global supply.
The sell-off represents a stark reversal from the tight market conditions seen in Q1 and Q2 2026.