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Oil Prices Haven't Been This Low Since Before the Iran War

Crude oil prices have fallen to levels not seen since before the Iran war began on 28 February. The decline follows the resumption of tanker traffic through the Strait of Hormuz and peace efforts. However, prices rose Wednesday due to concerns over a breakdown in talks between the U.S. and Iran.

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What changed

Oil prices rose Wednesday following reports of a breakdown in U.S.-Iran discussions.

Live updates

  1. Oil Prices Hit Post-Iran War Lows Amid Shipping Recovery

    Crude oil prices have fallen to levels not seen since before the Iran war began on 28 February. The decline follows the resumption of tanker traffic through the Strait of Hormuz and peace efforts. However, prices rose Wednesday due to concerns over a breakdown in talks between the U.S. and Iran.

    What's confirmed:

    • Oil prices have fallen to levels not seen since before the Iran war.
    • The conflict began on 28 February.
    • Tanker traffic through the Strait of Hormuz is resuming.
    • Brent crude briefly slipped under $72.48 a barrel.
    • Crude oil prices fell below $70 per barrel.

    Still unconfirmed:

    • A mini tsunami of oil is headed for global markets.
    confidence 90%