Reuters notes that global oil prices fell to the lowest level recorded since the start of the war between the United States and Israel with Iran.
Brent crude futures fell by $3.42 to $73.65 per barrel. During trading, Brent fell to $73.22, its lowest level since February 27, the last day before the war.
US West Texas Intermediate crude lost $3.32 and traded at $69.87 per barrel, the lowest level since March 2.
Prices began to fall as tankers left the Strait of Hormuz, which was opened after the United States and Iran began negotiations. On June 24, three previously banned oil tankers carrying five million barrels of oil left the Strait of Hormuz. Reuters wrote that two of them were heading to Asia.
Iran has closed the Strait of Hormuz since late February, when the United States and Israel began launching attacks on the Islamic Republic. After that, the United States began blockading Iranian ports. Three and a half months later, on June 18, the United States and Iran signed a memorandum of understanding. It includes a cessation of hostilities on all fronts for 60 days and the start of negotiations on a complete end to the war, as well as the opening of the Strait of Hormuz. Before the war, about a fifth of the world’s seaborne oil passed through it.