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

Brent crude tumbles below $72.48 as shipping through the Strait of Hormuz steadily returns to normal.

Oil prices sink to pre-Iran conflict levels as Hormuz traffic resumes

Energy markets are breathing easier. Global oil prices have dropped to levels last seen before the Iran conflict, as shipping through the crucial Strait of Hormuz gets back on track.

Brent crude briefly dipped below $72.48 a barrel before recovering slightly — a sign of growing market confidence. The dip follows a US-Iran memorandum signed June 17, opening a 60-day window for nuclear talks and broader efforts to end the conflict.

Maritime data shows tanker, LNG and cargo traffic through Hormuz has picked up significantly in recent days.

BBC News reports hundreds of vessels remain in the Gulf, but things are improving — and pressure is now mounting on fuel retailers to pass on lower prices at the pump.