Oil Prices Fall Back to Pre-Strike Levels as Tanker Traffic Resumes Through Hormuz

Brent crude fell to a low of $72.24 a barrel on Thursday, returning to levels recorded the day before the US and Israel launched missile attacks on Tehran on 28 February. Oil prices have fallen more than 20% this month. Signs that traffic through the Strait of Hormuz shipping route is gradually resuming contributed to the decline, with more oil tankers exiting the strait.

The price drop coincides with increased tanker movements out of the key route.