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Oil Prices Rise Above $70 on Iran Strike

Crude oil prices have dropped back to levels seen before the Iran war. This decline follows reports of increasing supply and a potential technical correction. However, some prices rose in after-hours trading following a confirmed U.S. retaliatory strike on Iran.

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What changed

Prices have fallen to prewar levels four months after the conflict began.

Live updates

  1. Oil Prices Retreat to Prewar Levels Despite Recent U.S. Strike

    Crude oil prices have dropped back to levels seen before the Iran war. This decline follows reports of increasing supply and a potential technical correction. However, some prices rose in after-hours trading following a confirmed U.S. retaliatory strike on Iran.

    What's confirmed:

    • Oil prices have returned to levels seen before the Iran war.
    • Brent crude climbed 0.67% to $72.47.
    • WTI crude gained 1.80% to $70.05.

    Still unconfirmed:

    • An agreement between the U.S. and Iran to halt hostilities led to higher oil prices.
    • A near-term glut is expected as flows through the Strait of Hormuz rise.
    • Oil futures fell due to a likely technical correction.
    confidence 80%