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● LIVE Updated 27d ago · 18 sources tracked

Oil Prices Fall Toward Prewar Levels as Gulf Shipping Resumes

Crude oil prices have fallen to levels not seen since before the war with Iran began on February 28. The decline follows the gradual reopening of the Strait of Hormuz and a US-Iran peace deal. Brent crude dropped approximately 2% to $72, falling below $73 a barrel for the first time since the conflict started.

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What changed

Oil prices erased wartime gains as tanker traffic resumed in the Strait of Hormuz.

Live updates

  1. Oil Prices Return to Pre-War Levels as Gulf Shipping Resumes

    Crude oil prices have fallen to levels not seen since before the war with Iran began on February 28. The decline follows the gradual reopening of the Strait of Hormuz and a US-Iran peace deal. Brent crude dropped approximately 2% to $72, falling below $73 a barrel for the first time since the conflict started.

    What's confirmed:

    • Oil prices have dropped to levels seen before the war with Iran.
    • The war with Iran began on February 28.
    • Brent crude fell around 2% to $72, marking the first time it dropped below $73 a barrel since the war started.
    • Tanker traffic is resuming in the Strait of Hormuz following a US-Iran peace deal.
    • The average price for a gallon of gas in the US fell below $4 on Thursday.

    Still unconfirmed:

    • Trump accused oil firms of gouging consumers.
    • A new US waiver may allow Iranian oil purchases.
    • IMO security assurances are contributing to the price drop.
    confidence 90%