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The Independent UK
The Independent UK
National
Stuti Mishra

Oil prices dip to level not seen since before the Iran war – here’s why

Iran Oil
  • Oil prices , including Brent and West Texas Intermediate, have fallen to levels last seen before the US- Iran conflict, extending significant losses from the previous session.
  • This decline is largely attributed to the gradual resumption of shipping through the Strait of Hormuz, which has reduced the risk premium that previously inflated crude prices.
  • Donald Trump stated that talks with Iran in Qatar regarding denuclearisation were progressing well, following indirect discussions involving his son-in-law Jared Kushner and US special envoy Steve Witkoff.
  • These diplomatic efforts aim to reinforce a 60-day truce and restore commercial shipping through the vital Strait of Hormuz, although tanker traffic remains below pre-conflict levels.
  • Further bearish signals for the market include a smaller-than-expected draw in US crude inventories and an anticipated production increase from OPEC+ for August.

IN FULL

Oil prices fall to pre-war levels as Strait of Hormuz shipping slowly recovers

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