Oil price falls back to pre-Iran war levels

Signs that traffic through the key Strait of Hormuz shipping route is gradually resuming has helped to push the oil price down.

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

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 fall...

By Julia Kollewe

Oil prices back to pre-war levels on rising Middle East supply

The price of Brent crude has reached its lowest since February 27, before the war started.

There is ‘some way to go’ before fuel prices return to pre-Iran oil crisis level

The AA said the average cost of a litre of petrol and diesel at UK forecourts is 152.9p and 170.5p respectively.

By Neil Lancefield

Strait of Hormuz reopens: Middle East oil exports to climb to 4-month high

The Strait of Hormuz is reopening, paving the way for Middle Eastern fuel oil exports to reach a four-month high in June. Iraq and Saudi Arabia are leading this surge, with Iraq notably diversifying routes through Syria. While shipments are increasing, they remain below pre-war levels, and cautious optimism prevails due to ongoing negotiation uncertainties. This development follows an interim US-Iran agreement.

By TOI BUSINESS DESK

Fear of mines alone could disrupt Strait of Hormuz shipping, warns French admiral

The Strait of Hormuz has reopened under a fragile United States-Iran deal, but it remains under close watch after maritime authorities warned of suspected and confirmed mines in the area. Former French Navy Admiral Éric Lavault – who headed France's mine warfare and seabed operations, and commanded the navy's bomb-disposal divers – told RFI that even without proof the strait has been mined, it must be checked before commercial shipping can return to normal.

By RFI

Oil prices fall to prewar levels on rising Middle East supply

Flows through the Strait of Hormuz were close to those before the start of the Iran war, says US Energy Secretary Chris Wright.

Oil back to pre-war levels as Hormuz traffic rebounds, US tries to reassure Gulf allies

UN maritime data shows 57 ships with 1,100 seafarers crossed the strait since June 23 in evacuation

By Reuters

Oil prices fall to pre-war levels as Strait of Hormuz traffic resumes

Oil prices have retreated to levels last seen before the start of the war in the Middle East as the crucial Strait of Hormuz reopens gradually and vessel traffic resumes following...

FT: Oil prices fall below pre-war level

Brent crude has dropped below the level seen before the outbreak of the US-Israeli war on Iran, as delayed oil shipments from the Gulf return to global markets and ease concerns over immediate supply shortages. The international benchmark fell 1.8% to $72.40 a barrel on Thursday, its lowest level since before the United States and Israel launched military strikes against Iran in late February. According to the Financial Times, it was the first time Brent had traded below its pre-war closing...