Brent Crude Oil Prices man

Brent crude oil prices averaged USD 84.49 per barrel in June, down 18.6% from May. On 30 June, the commodity traded at USD 72.94 per barrel, down 20.7% from 29 May.

Brent prices fell at the sharpest pace since the pandemic in June after the U.S. and Iran agreed to reopen the Strait of Hormuz, with oil exports via the Persian Gulf at nearly 80% of prewar levels by the end of the month. Despite recent Iran and U.S. tit-for-tat attacks, analysts believe that both countries have little to gain from reigniting the conflict. Prices were further depressed by weaker Chinese imports, which fell to their lowest level since November 2015, .