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● LIVE Updated 27d ago · 15 sources tracked

Oil price back at prewar levels as Gulf flows pick up

Crude oil prices have fallen to levels not seen since before the war with Iran. This decline follows a rebound in tanker traffic through the Strait of Hormuz. Market participants are now dismissing the risk of further crisis aftershocks.

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What changed

Oil prices have erased most wartime gains as Gulf flows pick up and supply concerns ease.

Live updates

  1. Oil Prices Return to Pre-Iran War Levels as Gulf Supply Increases

    Crude oil prices have fallen to levels not seen since before the war with Iran. This decline follows a rebound in tanker traffic through the Strait of Hormuz. Market participants are now dismissing the risk of further crisis aftershocks.

    What's confirmed:

    • Brent crude fell 1.8 per cent to $72.40 a barrel on Thursday.
    • US West Texas Intermediate dropped over 1 per cent to $69.36 a barrel.
    • Tanker traffic in the Strait of Hormuz has resumed.
    • Oil prices have returned to levels seen before the Iran war.

    Still unconfirmed:

    • Donald Trump has accused oil firms of gouging consumers.
    • Rubio is visiting Gulf allies hit hardest by Iran while negotiators work to finalize a deal.
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