As of Sunday, June 29, 2025, global crude oil prices have experienced a significant decline due to easing geopolitical tensions and market adjustments:
🛢️ Current Crude Oil Prices
- Brent Crude : 67.77 per barrel
- West Texas Intermediate (WTI) : 65.52 per barrel
These prices reflect a steep drop of approximately 12% over the past week, marking the most significant weekly decline since March 2023. The decrease is attributed to the recent ceasefire between Israel and Iran, which has alleviated concerns over potential supply disruptions in the Middle East, particularly around the Strait of Hormuz.
🔍 Market Outlook
Analysts are closely monitoring the upcoming OPEC+ meeting, as decisions regarding production levels could influence future oil prices. Additionally, shifts in global demand, especially from major consumers like China, and advancements in alternative energy technologies, such as electric vehicle battery developments, are factors that may impact the oil market's trajectory.