Oil prices dip toward pre-conflict levels as Hormuz shipping resumes
Brent crude fell about 1% to roughly $73 a barrel on Thursday, nearing the $72.48 level seen before the Iran-U.S. conflict, as ships clear the Persian Gulf after a preliminary reopening deal.
Oil prices slipped on Thursday, moving close to the levels recorded before the Iran-U.S. conflict began in February. The decline follows a preliminary agreement between the United States and Iran to reopen the Strait of Hormuz, a key route for Middle Eastern oil and gas exports, and progress in clearing a backlog of vessels trapped in the Persian Gulf.
Brent crude, the global benchmark, dropped about 1% to around $73 a barrel for September delivery, the most actively traded contract. The price approached the pre-war benchmark of $72.48 a barrel in an otherwise quiet trading session.
