Oil Price Today (June 23): Crude oil near $78 per barrel as investors track flows through Hormuz. What’s next? (opens original article in a new tab)

Oil prices rose slightly on June 23 as investors monitored developments in the Strait of Hormuz, with Brent crude at $78.15 and WTI at $74.19, following a previous decline amid geopolitical tensions and supply concerns.

• Brent crude futures rose 0.38% to $78.15 a barrel, WTI gained 0.46% to $74.19 a barrel
• Oil prices fluctuated after a 3% drop on Monday due to U.S. sanctions waiver for Iran and reduced hostilities in Lebanon
• Analysts expect complex process to reopen Hormuz requiring coordination of vessel movements and infrastructure repairs
• Global oil inventories depleted during disruptions and may continue falling before new Gulf supplies reach markets
• Saudi Aramco CEO warned disruptions could delay oil market stability until 2027