Oil Prices Fall Back to Prewar Levels

Global oil prices continued to decline and have now returned to levels seen before the war in the Middle East began. Brent crude is trading at around $71 a barrel, down more than 4%, while West Texas Intermediate is at about $69, a drop of 3.5%.

The declines come as markets grow more optimistic that oil flows through the Strait of Hormuz will recover. That route is a critical chokepoint for global energy shipments, and expectations of improved movement there have eased price pressures.

The latest move extends a broader slide in oil prices and reflects traders' belief that supply risks linked to the conflict may be easing, at least for now.