Oil prices fall to pre-Iran war levels as tankers resume passage through Strait of Hormuz

Oil prices fell below levels seen before the Iran war began in late February, with Brent crude hitting a low of $72.24 a barrel. This marked a decline of over 20% for the month. Vessel traffic through the Strait of Hormuz doubled in 24 hours, reaching the highest level since late February. The easing of tensions and the resumption of oil shipments through the strait contributed to the price drop. The price of Brent crude reached its lowest since February 27, before the war started, according to Al Jazeera. The Guardian reported that the price was slightly lower than the day before the US and Israel launched missile attacks on Tehran on February 28. The Guardian also noted that signs of resuming traffic through the Strait of Hormuz helped push prices down. The BBC World confirmed the trend, stating that the resumption of shipping through the key route contributed to the decline in oil prices. The Guardian, BBC World, and Al Jazeera all reported the same key facts, with no significant divergence in their coverage. The sources consistently attributed the price drop to the resumption of oil shipments through the Strait of Hormuz and the easing of tensions following the conflict.