Oil prices drop below pre-war levels as Strait of Hormuz tanker traffic surges
By
Julia Kollewe
Summary
Oil prices have fallen below pre-Iran war levels, with Brent crude dropping to $72.24 a barrel — a more than 20% decline in March. The price drop is driven by increased oil tanker traffic through the Strait of Hormuz, which doubled in 24 hours to its highest level since late February, signaling easing supply concerns. The contango structure (August delivery cheaper than September) indicates ample short-term supply, suggesting fears of a prolonged energy crunch are receding.
Source
bskyOil prices drop below pre-war levels as Strait of Hormuz tanker traffic surgestheguardian.comKey quotes
· 3 pulledBrent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February.
Prices have fallen more than 20% this month.
Vessel traffic in the strait, a vital shipping passage, doubled over the previous 24 hours
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