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Oil Prices Hover Around Prewar Levels as Gulf Shipping Jumps

Crude oil prices have dropped to levels last seen before the war with Iran began in February. This decline follows a rebound in tanker traffic through the Strait of Hormuz and an increase in Middle East supply. U.S. officials are currently visiting Gulf allies to secure support for a deal with Iran.

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What changed

Prices have erased most wartime gains as shipping flows in the Strait of Hormuz return toward normal.

Live updates

  1. Oil Prices Return to Prewar Levels as Gulf Shipping Recovers

    Crude oil prices have dropped to levels last seen before the war with Iran began in February. This decline follows a rebound in tanker traffic through the Strait of Hormuz and an increase in Middle East supply. U.S. officials are currently visiting Gulf allies to secure support for a deal with Iran.

    What's confirmed:

    • Oil prices have returned to levels seen before the start of the war in Iran.
    • Tanker traffic in the Strait of Hormuz has rebounded.
    • The price of Brent crude reached its lowest point since February 27.
    • The United States is engaging with Gulf allies to reassure them and seek support for an Iran deal.

    Still unconfirmed:

    • The U.S. and Iran have agreed to halt attacks in a key shipping lane.
    • Iranian leverage in the Strait of Hormuz will continue to affect shipping costs and oil markets.
    confidence 90%