The price of oil fell below $74 a barrel on Wednesday for the first time since before the US-Israel-Iran war began on Feb. 28 as concerns over disruptions in the Strait of Hormuz continued to ease.
What happened: Brent crude, the international benchmark for oil prices, was trading at $73.81 a barrel at 10:40 a.m. EDT, down 4.2% from Tuesday's close.
West Texas Intermediate crude was down 3.41% at $70.17 a barrel.
Oil prices surged during the conflict after the United States and Israel launched strikes on Iran and Tehran retaliated by targeting US assets, Israel, Gulf states and commercial shipping in the Strait of Hormuz, the strategic waterway between Iran, Oman and the United Arab Emirates.
Why it matters: Brent crude peaked at around $115 a barrel last month amid attacks on shipping in the strait and a US blockade on Iranian ports imposed in April. Roughly one-fifth of global oil and liquefied natural gas shipments normally pass through the waterway.
