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HOUSTON: Benchmark oil prices fell more than $3 on Wednesday to their lowest level since before the start of the Iran war as supply concerns eased with more stranded oil tankers exiting the Strait of Hormuz.
US crude futures, meanwhile, slipped below $70 a barrel to their lowest since March 2. Brent crude futures, the global benchmark, were down $3.08, or 4.02 per cent, at $73.98 a barrel as of 1715 GMT, and US West Texas Intermediate was down $3.13, or 4.06%, to $73.95 a barrel.
Brent touched a low of $73.22, its weakest since February 27, the day before US-Israeli strikes on Iran.
Around 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours, US Energy Secretary Chris Wright said on Wednesday at the Reuters Global Energy Forum in New York, adding that a return to normal oil flows was delayed due to Iranian mines in the strait.
