Brent crude oil prices have fallen below pre-Iran war levels as more tankers exit the Strait of Hormuz, bringing the total to more than 20% this month.
The benchmark Brent crude oil price fell to $72.24 a barrel on Thursday, below the level recorded on the eve of the US and Israeli missile strikes on Tehran on February 28.
Brent contracts for August delivery traded cheaper than September contracts, which were priced at $73.59 per barrel, indicating ample oil supply in the short term.
According to CNN and MarineTraffic, vessel traffic in the Persian Gulf has doubled, reaching its highest level in the past 24 hours since late February.
Analysts say additional pressure on prices has been caused by reports that ships in the strait are once again passing with satellite identification systems turned on.
Fears of a global energy crisis caused by the conflict between the US and Iran are gradually disappearing, and oil prices are returning to pre-crisis levels.
In particular, disagreements are once again intensifying between the US and Iran regarding the terms of the agreement.
It is known that the countries signed a memorandum of understanding in which they agreed to a 60-day ceasefire period, during which they should try to reach a permanent peace agreement.
But that agreement is now in jeopardy, and the situation in Lebanon remains the reason. On Wednesday, June 24, Israel carried out an airstrike in southern Lebanon, killing two people, the country’s state news agency reported. It was the first Israeli airstrike on Lebanese territory since the latest ceasefire came into effect on Saturday.
