Oil Prices Fall to Prewar Lows as Hormuz Traffic Resumes
Oil prices fell today to levels last seen before the war with Iran, as markets bet that Middle East supply will increase. Brent crude traded at $73.49 a barrel and U.S. WTI at $70.10, the lowest levels since February 27.
The drop followed the renewed movement of tankers through the Strait of Hormuz after the ceasefire agreement, along with expectations that Iran may be able to raise its oil exports. U.S. Energy Secretary Chris Wright said oil flow through the strait had almost returned to prewar levels.
According to Wright, at least 20 million barrels passed through the strait over the past 24 hours. Energy company Rystad said the backlog in the Persian Gulf is easing, and that supply facilities and ports are gradually returning to operation.
That recovery is increasing supply and putting downward pressure on prices. The article says the market’s shift reflects both the restored tanker traffic and the possibility of higher Iranian exports.
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