finance
Oil Prices Fall to Pre-War Levels as Hormuz Traffic Resumes
Brent crude briefly dropped below $72.48 a barrel before rising to $73.23. Shipping through the Strait of Hormuz has increased since a June 17 memorandum of understanding between the U.S. and Iran.
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Global benchmark Brent crude briefly fell below $72.48 a barrel, the price recorded the day before strikes on Iran began on 28 February, before edging back to $73.23. Energy prices have moved sharply lower since the U.S. and Iran signed a memorandum of understanding on 17 June that set a 60-day negotiation window on Iran's nuclear programme.
“Markets are still watching the region closely, and any renewed tensions could quickly send oil higher again.”
“On the back of the lowest oil price since before the Iran war started, drivers should see the average price of petrol fall below 150p a litre in the next week or so.”
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Rapid de-escalationLingering risks
De-escalationRisks remain
CorroborationModerate · 6 sources
