ETO Markets Global Pulse: Oil Crashes 4.35%, Breaks Below 70

Market Review

According to ETO Markets monitoring, on June 24 (Wednesday), WTI crude fell sharply and closed at USD 69.87 per barrel, down 4.35% on the day. Prices briefly broke below USD 70 for the first time since March 2.

Brent crude closed at USD 73.13 per barrel, down 4.81%, after touching an intraday low of USD 73.04. Prices returned to levels seen before the US and Israel launched strikes on Iran. More previously stranded tankers left the Strait of Hormuz, easing concerns over supply disruptions.

On June 25 (Thursday) during early Asian trading, WTI crude remained under pressure and traded near USD 69.89 per barrel.

Global Headlines

Oil Returns To Prewar Levels

International oil futures returned to levels seen before the US-Israel-Iran conflict. Brent futures fell USD 3.34 to settle at USD 73.74 per barrel, down 4.3%. WTI futures dropped USD 2.87 to USD 70.34, down 3.9%. Vessel traffic through the Strait of Hormuz has increased but remains well below pre-conflict levels.

Seventy-Two Ships Cross Hormuz Strait

US Energy Secretary Wright said 72 vessels passed through the Strait of Hormuz over the past 24 hours, carrying around 20 million barrels of crude. He said Iran would no longer be able to close the strait and added that the US was weakening one of Tehrans key strategic assets.

Trump Rejects Maritime Transit Fees

Trump said the US would not accept any final agreement with Iran that included fees on shipping or maritime activity. US Secretary of State Rubio said technical negotiations would resume by the end of the month, potentially in Switzerland. He added that Washington would coordinate closely with Gulf allies.

Trump Demands Faster Oil Declines

Trump accused major oil companies of keeping prices artificially high and called on the US Department of Justice to investigate immediately. He said oil companies must help bring prices down faster. Meanwhile, improving Strait of Hormuz traffic continued to support the recovery in crude transportation.

Trump Rejects Housing Bill Signing

Trump said he would not sign the housing bill after unexpectedly cancelling the signing ceremony. He argued that interest rates were the main issue affecting housing and called for lower rates. He also said policymakers should avoid hurting existing homeowners whose properties have gained value.

ETO Markets Analyst View (WTI Oil)

WTI crude remains below the 81.70 level, keeping the broader structure in a downtrend. If prices remain capped below this key resistance, downside may extend toward 78.50. A clear break below 78.50 could open the way toward 76.50.

If WTI reclaims and holds above 81.70, short-term selling pressure may ease. Upside could then test 83.50 and potentially extend toward 85.50.

Technical indicators identify 78.50 as an important support level. A sustained break below this area would increase the risk of a deeper decline toward 76.50.

The market continues to reprice the recovery in Strait of Hormuz traffic, changes in crude supply, and further US-Iran negotiations. Traders should carefully assess market timing and risk exposure.

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