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Oil Prices Fluctuate as Gulf Shipping Advances

Oil futures are falling as tanker traffic resumes through the Strait of Hormuz. Brent crude has dropped below $74 per barrel, erasing most gains seen during the conflict with Iran. Negotiators are currently working to finalize a deal while Senator Rubio visits Gulf allies.

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What changed

Prices have dropped from a wartime peak of over $100 as shipping normalizes.

Live updates

  1. Oil Prices Retreat Toward Prewar Levels as Gulf Shipping Resumes

    Oil futures are falling as tanker traffic resumes through the Strait of Hormuz. Brent crude has dropped below $74 per barrel, erasing most gains seen during the conflict with Iran. Negotiators are currently working to finalize a deal while Senator Rubio visits Gulf allies.

    What's confirmed:

    • Brent crude has fallen below $74 per barrel.
    • Oil prices have erased wartime gains as tanker traffic resumes through the Strait of Hormuz.
    • Oil prices previously surged past $100 during a shipping freeze in the Strait of Hormuz.
    • UAE petrol prices are expected to drop in July.
    • Total US crude including the SPR is at 743.3M barrels, the lowest level since October 1984.

    Still unconfirmed:

    • US-Iran talks are reducing the war premium on oil prices.
    • Negotiators are racing to finalize a deal regarding Iran.
    • Senator Rubio is visiting Gulf allies hit hardest by Iran.
    confidence 90%