Jakarta, CNBC Indonesia - Global crude oil prices have brought good\nnews worldwide. After reaching US$100 per barrel in recent months, the\n\u2018mother of commodities\u2019 is gradually cooling and now sits in the US$60s\nper barrel range.<\/p>\n
Citing Refinitiv data, both major global crude oil benchmarks\nexperienced declines in the final trading session of the week. Brent\ncrude oil was recorded plunging 4.34% to US$71.99 per barrel on Friday\n(26\/6\/2026). Similarly, West Texas Intermediate (WTI) crude oil slumped\n3.74% to US$69.23 per barrel. Over the week, Brent crude prices fell\n10.65% and WTI dropped 9.62%.<\/p>\n
Crude oil prices cooled after the market grew increasingly confident\nthat supply disruptions from the Middle East would not be as severe as\ninitially feared. The return of tanker traffic through the Strait of\nHormuz has reduced the perception of geopolitical risk, although\nsecurity incidents around Oman still loom. Market participants are now\npaying more attention to shipping traffic developments than the\nescalation of the conflict itself.<\/p>\n
Trade data shows that oil shipment volumes through the Strait of\nHormuz rose this week to their highest level since the outbreak of the\nUnited States-Israel conflict with Iran last February. The ceasefire\nagreement reopened shipping lanes that had previously been disrupted,\neasing concerns about hampered global supply.<\/p>\n
However, the situation has not fully normalised. The number of\nvessels transiting remains well below the pre-conflict average of around\n125 ships per day. This means that while shipping is beginning to\nrecover, global oil distribution activity has not yet returned to\npre-crisis conditions.<\/p>\n
On the other hand, geopolitical risk continues to haunt the market.\nOn Thursday (25\/6\/2026), a cargo ship was reported hit by an unknown\nprojectile near Omani waters. The incident briefly pushed oil prices up\nby more than 2% after the United Nations maritime organisation\ntemporarily suspended a voluntary evacuation scheme for vessels in the\narea. Two United States officials claimed Iran fired shots at a ship\ntransiting the Strait of Hormuz, while Iranian authorities stated the\nsafety of ships sailing outside the official Hormuz route could not be\nguaranteed.<\/p>\n
This situation leaves the market caught in a tug-of-war between two\nmajor sentiments. On one hand, oil export routes are increasingly open,\nreducing supply fears. On the other, any new security incident around\nHormuz still has the potential to revive the geopolitical risk premium\nif it hampers tanker traffic or forces producers to review plans to\nincrease production.<\/p>\n
Another sentiment came from Venezuela. An earthquake that occurred on\nThursday raised concerns about the sustainability of the country\u2019s oil\nproduction. Initial assessments showed that oil, gas, refinery,\npipeline, and export terminal facilities did not suffer significant\ndamage as most were located far from the earthquake\u2019s epicentre.\nHowever, power supply disruptions have created uncertainty over whether\nproduction of around 1.2 million barrels per day can be maintained in\nthe near future.<\/p>\n
The market\u2019s focus has now shifted from the threat of a Strait of\nHormuz closure to how quickly oil shipping activity can return to\nnormal. As long as tanker traffic continues to improve and no major new\ndisruptions to global supply emerge, downward pressure on oil prices is\nlikely to persist, although volatility remains high due to unpredictable\nsecurity risks in the Middle East.<\/p>\n
The decline in global crude oil prices also offers hope for\naccelerating the world economy. This is because global crude oil prices\naffect energy prices, which ultimately impact inflation and people\u2019s\npurchasing power. When energy prices fall, purchasing power will remain\nmore solid, thereby boosting an economy that was projected to slow in\n2026 due to the Middle East war.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/good-news-crude-oil-prices-fall-touching-us-60s-per-barrel-1782528627", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }