Crude oil futures declined for the fourth consecutive session on Thursday morning, with prices edging closer to pre-war levels as supplies continued to improve, according to The Hindu BusinessLine. At 10 am on Thursday, September Brent oil futures on ICE were at $72.89/barrel, down by 1.33%, while August crude oil futures on WTI (West Texas Intermediate) on NYMEX were at $69.36/barrel, down by 1.39%. On the Multi Commodity Exchange (MCX), July crude oil futures traded at ₹6,568 during the initial hour, down 1.51% from the previous close of ₹6,669, and August futures were at ₹6,556, down 1.61% from ₹6,663.
Supply-side drivers: Straits of Hormuz and US inventories
On Wednesday, US Energy Secretary Chris Wright informed the Reuters Global Energy Forum in New York that flows through the Strait of Hormuz were close to what they were before the start of the war between the US and Iran. Wright stated that at least 20 million barrels had exited the Strait of Hormuz in the last 24 hours. However, he cautioned that a return to complete normalcy would take a few weeks, according to The Hindu BusinessLine.
Meanwhile, US President Donald Trump posted on the social media platform Truth Social that no charges are being sought or received by Iran on ships travelling the Strait of Hormuz. Trump added: "Additionally, no money has been given to Iran, or released from their money to them, by the U.S. We will be releasing some of their money, that is totally controlled by us, to our Farmers and Ranchers, for the purchase of Corn, Wheat, Soybeans, and more. Food is desperately needed in Iran, and we will be purchasing it for them exclusively from the United States."
On the inventory front, the US Energy Information Administration (EIA) reported a decline in crude oil inventories for the week ending June 19. According to EIA, US commercial crude oil inventories decreased by 6.1 million barrels from the previous week. At 412.1 million barrels, US crude inventories were about 7% below the five-year average for this time of year.
Demand-side: US product supplied data
The EIA weekly petroleum status report also provided demand indicators. Total motor gasoline inventories increased by 2.1 million barrels from the previous week and were 5% below the five-year average. Distillate fuel inventories increased by 3.1 million barrels last week and were about 10% below the five-year average.
Over the past four weeks, total products supplied in the US averaged 20.5 million barrels per day, up by 2.1% compared to the same period last year. Breaking it down: motor gasoline product supplied averaged 8.8 million barrels per day, down by 3% year-on-year; distillate fuel product supplied averaged 3.6 million barrels per day, up by 3.2%; and jet fuel product supplied was up 0.9% year-on-year, according to the EIA.
Other commodity futures on Indian exchanges
The report also noted movements in other commodities. On MCX, June copper futures traded at ₹1,233 during the initial hour, up 0.79% from the previous close of ₹1,223. On the National Commodities and Derivatives Exchange (NCDEX), July jeera contracts were at ₹20,300, down 0.71% from ₹20,445, and July guarseed futures were at ₹5,941, down 0.62% from ₹5,978.
Price outlook and key data releases
With crude prices nearing pre-war levels and Strait of Hormuz flows improving, the focus now shifts to upcoming data. The EIA inventory report showed a sharper-than-average draw in crude stocks, but product builds suggest mixed demand. Traders will monitor weekly EIA releases and any geopolitical developments affecting the Strait of Hormuz. The return to complete normalcy in flows, as noted by Secretary Wright, remains a key variable for near-term price direction. As of June 25, 2026, Brent below $73 and WTI near $69 signal a market recalibrating supply expectations.
| Contract | Exchange | Price | Change (%) |
|---|---|---|---|
| September Brent oil futures | ICE | $72.89/barrel | -1.33% |
| August WTI crude oil futures | NYMEX | $69.36/barrel | -1.39% |
| July crude oil futures | MCX | ₹6,568 | -1.51% |
| August crude oil futures | MCX | ₹6,556 | -1.61% |
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