Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

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Oil prices have declined to levels last seen before the Iran war began due to increased tanker traffic through the Strait of Hormuz, reaching the highest since late February. Brent crude fell to $72.24 a barrel, reflecting diminished fears of a long-term energy shortage.

Fears of long-lasting energy crunch ‘slinking away’ as vessel traffic doubled in 24 hours to highest level since late February Business live – latest updates Oil prices have fallen below levels seen before the Iran war started in late February as more oil tankers exited the strait of Hormuz. Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month. Continue reading...