Oil prices fall to pre-war levels as tankers resume transit through Strait of Hormuz
By
Lee Ying Shan
13d ago· 2 min readenNews
Summary
Oil prices fell back to pre-war levels as more than 20 oil tankers carrying about 35 million barrels of crude began passing through the Strait of Hormuz following a U.S.-Iran agreement to reopen the key shipping route. U.S. crude dropped 1.66% to around $69/barrel and Brent declined 1.79% to under $73/barrel, erasing gains made since the Middle East war broke out in late February.
Source
bskyOil prices fall to pre-war levels as tankers resume transit through Strait of Hormuzcnbc.comKey quotes
· 3 pulledOil prices erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz.
U.S. crude for August delivery dropped 1.66% to around $69 a barrel and Brent declined 1.79% to under $73 a barrel, hovering at levels seen before the Middle East war broke out in late February.
More than 20 oil tankers carrying about 35 million barrels of crude have passed through the Strait of Hormuz since the U.S. and Iran reached an agreement to reopen the key shipping route, according to trade
Oil prices fell as investors bet global crude supplies will improve, as tankers stranded in the Persian Gulf for months have begun leaving the Strait of Hormuz.
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