Oil prices have dropped to levels not seen since before the Iran war, as shipping traffic through the critical Strait of Hormuz gradually resumes.
Global benchmark Brent crude briefly fell below $72.48 (£55) a barrel — the price recorded the day before the US and Israel launched strikes on Iran on 28 February — before recovering slightly to $73.23.
Energy markets have experienced extreme volatility since Iran responded to the attacks by effectively closing the strait, a vital chokepoint for global oil and gas shipments.
Crude prices have fallen sharply since the US and Iran signed a Memorandum of Understanding (MOU) on 17 June, which established a 60-day window for negotiations on Tehran’s nuclear programme and other steps to end the conflict.
Delegations from both sides held talks in Switzerland last weekend, resulting in the US partially lifting sanctions on Iranian oil exports.
