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Brent oil drops 4.9% to $76.49 on June 22
Brent oil posted an unusually sharp drop on June 22, 2026, falling 4.9% from the prior reading to $76.49 from $80.46.
BRENT OIL vs BRENT OIL Change
Fixed windowBrent oil fell 4.9% on June 22, 2026, to $76.49 from $80.46. The June 22 figure is a Brent price reading, while several same-week market reports referenced front-month Brent futures contracts, so the series are not directly identical. In those futures markets, Brent settled at $77.08 a barrel on June 23, and by June 25 the August contract was trading near $73.49, its lowest level since February 27.
The decline occurred alongside signs of recovering flows through the Strait of Hormuz. U.S. Energy Secretary Chris Wright said on June 24 that about 20 million barrels of crude had exited the strait in the previous 24 hours, close to pre-war volumes. Oman also opened temporary routes to ease tanker departures, and the International Maritime Organization was coordinating vessel movements after ships had been stranded in the Gulf.
Fresh supply and inventory data published in the same period added context. The Joint Organizations Data Initiative's latest April 2026 update showed Saudi Arabia's crude exports at 3.99 million barrels per day, down about 1 million barrels per day from March. In the United States, the Energy Information Administration said on June 24 that commercial crude inventories fell by 6.1 million barrels in the week ended June 19 to 412.1 million barrels, while refineries processed 17.1 million barrels per day and operated at 96.1% of capacity.
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