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Oil Prices Hover Around Prewar Levels as Gulf Shipping Advances

Crude oil prices have dropped to levels seen before the war with Iran began. This decline follows the gradual reopening of the Strait of Hormuz after a US-Iran peace deal. Brent crude has fallen below $73 a barrel for the first time since the conflict started.

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What changed

Oil prices have erased wartime gains as tanker traffic through the Strait of Hormuz rebounds.

Live updates

  1. Oil Prices Return to Prewar Levels as Hormuz Shipping Resumes

    Crude oil prices have dropped to levels seen before the war with Iran began. This decline follows the gradual reopening of the Strait of Hormuz after a US-Iran peace deal. Brent crude has fallen below $73 a barrel for the first time since the conflict started.

    What's confirmed:

    • Brent crude fell to $72 a barrel, dropping below $73 for the first time since the war began.
    • The war with Iran started on February 28.
    • Oil prices have returned to levels seen before the Iran war.
    • Shipping traffic in the Strait of Hormuz is resuming.
    • The US is providing reassurances to Gulf allies.

    Still unconfirmed:

    • The number of vessels passing through the strait remains below prewar figures.
    • Iranian leverage in the Strait of Hormuz will continue to impact shipping costs and oil markets.
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