finance
Oil Prices Fall to Lowest Level Since Start of Iran War, but Gasoline Remains Near $3.93 per Gallon
Oil prices dropped below $75 a barrel and neared $70 on June 25. The decline follows last week's interim truce between Washington and Tehran and increased tanker traffic through the Strait of Hormuz.
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Oil prices fell to their lowest level since the start of the US-Israel war with Iran. Prices dropped below $75 a barrel and neared $70 a barrel on June 25. Increasing numbers of ships are navigating the Strait of Hormuz with their transponders on.
Maritime insurers are slashing their rates for vessels in the strait. An interim truce between Washington and Tehran occurred last week. Buyers are suddenly awash with supply. Stocks of refined products remain lower than their recent average.
Gasoline stocks are in particularly short supply, Goldman Sachs economists said.
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Markets normalizing quicklyLingering supply shortage
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CorroborationLimited · 5 sources
