Oil Prices Crash Below $75 First Time in Almost 4 Months

International oil prices crashed near $75 per barrel for the first time in almost 4 months.

Before today’s level, oil was last seen at $75 in March 2026, just a few weeks after the martyrdom of Iran’s Supreme Leader Ayatollah Ali Khamenei.

At the time of press, Western Texas Intermediate (WTI) stood at $77 (down 4%) while Brent hovered at $80 per barrel (-3.3%).

Meanwhile, crude oil extracted from reserves operated by the United Arab Emirates stood at $72 per barrel, down nearly 6 percent in the past 6 hours.

Besides geopolitical developments, the resumption of vessel movement across the Strait of Hormuz has significantly favored the ongoing fall of oil prices.

Oil first started falling to new lows after news broke about Pakistan’s successful mediation of a 60-day truuce between Iran and USA following almost 5 months of war.

Sources informed ProPakistani that Iran and US will likely sign the ceasefire agreement anytime this week. Prime Minister Shehbaz Sharif is expected to be part of the ceremony.