Oil prices fall as Strait of Hormuz traffic resumes, Brent crude drops below $75
via Business News2 min read
Oil prices continued to fall on Wednesday, June 24, 2026, reaching levels not seen since the beginning of the war in the Middle East. The market was reassured by the gradual resumption of maritime traffic through the Strait of Hormuz. The price of North Sea Brent crude, the global benchmark, dropped below $75 for the first time since the war started. Brent for August delivery lost 4.33%, settling at $73.74. Its American equivalent, West Texas Intermediate WTI for the same month, fell by 3.92% to $70.34. David Morrison, an analyst for Trade Nation, noted that the current decline is due to a significant increase in maritime traffic through the Strait of Hormuz. Maritime tracking platform Kpler recorded 17 crossings by raw material transport ships on Wednesday at 3:30 PM GMT 4:30 PM in Tunis, following 25 the previous day. These figures are expected to rise further as Kpler often detects additional crossings retrospectively, particularly through satellite imagery. US Secretary of Energy Chris Wright stated on X that 72 ships had crossed the strait in the last 24 hours, believing that "pre-war flows have been restored." However, Oxford Economics analysts warned that "traffic through the strait remains more costly and risky than before the war due to the potential presence of mines, leading to higher insurance premiums." They anticipate that a full restoration of oil flows will take several months. Additionally, strategic reserves worldwide need to be rebuilt, as US reserves, for
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President Ka茂s Sa茂ed, Supreme Commander of the Armed Forces, presided over the 70th anniversary celebration of the national army on Wednesday, June 24, 2026. During the ceremony, Brigadier General Mohamed Ben Salah was promoted to Major General, and several officers, non-commissioned officers, and military personnel received promotions and decorations. In his address, President Sa茂ed emphasized the historical significance of June 24, 1956, marking what he called the "renaissance" of the national army, rather than its founding. He highlighted Tunisia's long-standing military tradition predating independence, including past battles, military schools, and strategic developments. The President encouraged historians to re-examine national history and announced the reopening of the restored National Memory Museum. He paid tribute to fallen martyrs and the wounded, acknowledging their sacrifices in preserving Tunisia's freedom and independence. President Sa茂ed also underscored the army's diverse missions over seven decades, including territorial defense, counter-terrorism, combating smuggling, drug trafficking, and irregular migration, as well as participation in relief operations, securing national exams and elections, and supporting state institutions. He noted the military engineering achievements as proof of the army's efficiency. President Sa茂ed stressed the deep connection between the army and the Tunisian people, citing instances of public trust. He reiterated that defending
Must ReadThe Tunisian Human Rights League LTDH has expressed its full solidarity with activist Saadia Mosbah and the Mnemty association, stating that the judicial decision against them is part of a concerning trend of declining public freedoms in Tunisia. The LTDH considers the judgment against them to be "unjust." Yesterday, the criminal chamber of the Tunis Court of Appeal upheld the first-instance judgment, sentencing Saadia Mosbah to eight years in prison and a fine of 120,000 dinars. The president of the Mnemty association has been arrested since May 2024. The LTDH believes this case highlights growing concerns about the evolution of public freedoms in Tunisia, indicating a hardening climate for civil society actors. The organization denounces what it views as the use of the judicial system to target human rights defenders and restrict their associative activities, which it says weakens civil society's space for action and limits freedom of expression and engagement. The LTDH calls for fundamental freedoms to be respected and for associative actors and activists to be protected. The Saadia Mosbah case continues to draw reactions from human rights organizations, which are warning of an increasingly constrained environment.
Antonio Tajani, Italian Deputy Prime Minister and Minister of Foreign Affairs, reaffirmed Italy's commitment to strengthening its strategic partnership with Tunisia on Wednesday, June 24, 2026, during the Italy-Tunisia Economic and Business Forum in Tunis. According to the Italian agency Nova, Tajani stated that Rome considers Tunisia a key partner in the Mediterranean, emphasizing, "We believe in Tunisia." He noted that current international challenges, such as regional conflicts and trade tensions, should not hinder cooperation between the two nations. Tajani highlighted the growth in bilateral economic exchanges, which reached six billion euros in 2025 and saw an additional 5.5% increase in the first two months of 2026. He encouraged Italian and Tunisian businesses to seize opportunities in investment, industrial development, and trade, explaining that the Italian Ministry of Foreign Affairs prioritizes economic diplomacy to support the internationalization of Italian companies and foster partnerships. Tajani also advocated for joint projects aimed at the African continent, suggesting that Italo-Tunisian joint ventures could leverage Africa's growth prospects through mutual development. He stressed the importance of research, innovation, training, and support for startups to enhance the competitiveness of both economies, viewing these as crucial for youth opportunities and innovative business creation. Tajani's visit marked the 70th anniversary of diplomatic relations betw