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Evening Standard
Evening Standard
Business
Holly Williams

Oil prices hit lows not seen since early March on US-Iran peace talk progress

United States Oil Iran PA Graphics SpaceX
Oil prices hit 120 dollars a barrel at one stage as the vital Strait of Hormuz was effectively blocked (Alamy/PA) -

Oil prices have fallen back further towards levels seen before the Iran war started as the US waived sanctions on Iranian oil amid progress in talks to agree a final lasting peace deal.

Brent crude dropped nearly 2% to 76.4 US dollars a barrel at one stage in morning trading on Tuesday, hitting a fresh low since early March and edging closer to the 72 dollars a barrel level seen before the US-Israel war on Iran began on February 28.

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