Oil prices return to levels seen before Iran conflict escalated
Brent crude slipped to its lowest point since before the February attacks on Tehran as tanker traffic through the Strait of Hormuz increased.
Oil prices fell back to levels last seen before the Iran conflict intensified, with Brent crude dropping to $72.24 a barrel on Thursday. The move came as more tankers left the Strait of Hormuz, easing fears of a fresh supply shock.
The benchmark had risen when fighting began on 28 February, after missile strikes by the US and Israel on Tehran disrupted energy production and transport across the Middle East, according to the reports. Prices have since declined by more than 20% this month.
The easing in crude markets also lifted stock markets in Europe and the United States, as investors became less concerned about another inflationary surge. The price move followed a period in which traders had been watching shipping routes through the Gulf closely.
The Strait of Hormuz remains a key passage for global oil exports, and changes in tanker traffic there continue to influence energy markets.
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