Iranian crude oil tanker, Sevda, sails near Bandare Asaluyah, Iran, on Jan. 27, 2026. Sam/ Middle East Images/AFP via Getty ImagesCommentary

Crude oil prices fell almost 30% in the last month, from levels above $109 per barrel on May 19 to just $76.50 on June 19, the lowest cost for a barrel of crude since March 4, in the first week of the war in Iran.

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