From 1h agoIntroduction: Oil price back below pre-Iran war levelsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Fears that the world could soon face an over-supply of oil have pushed crude prices below their levels before the Iran war.The price of a barrel of Brent crude has fallen as low as $72.24 today, slightly lower than the day before the Iran war began.Oil prices have been sliding since the US and Iran finally began peace talks, bolstering hopes of a lasting agreement to end the conflict and encouraging more oil tankers to pass through the strait of Hormuz.According to CNN last night, MarineTraffic data shows vessel traffic in the strait of Hormuz doubled over the previous 24 hours to its highest level since late February.News that vessels are now transiting the strait of Hormuz with their satellite signals switched on helped push down the oil price, reports Ipek Ozkardeskaya, senior analyst at Swissquote, adding:
double quotation markA combination of strategic inventory releases, a collapse in demand from top buyer China and a substantial number of tankers quietly leaving the Persian Gulf “dark” had contributed to a small oversupply in some key markets, according to traders interviewed by Bloomberg.
