Cargo ships are pictured off cost of the Khor Fakkan Container Terminal, along the Gulf of Oman. Photo: AFP / Lehtikuva
International news
Brent crude has dropped below the level seen before the outbreak of the US-Israeli war on Iran, as delayed oil shipments from the Gulf return to global markets and ease concerns over immediate supply shortages.
The international benchmark fell 1.8% to $72.40 a barrel on Thursday, its lowest level since before the United States and Israel launched military strikes against Iran in late February. According to the Financial Times, it was the first time Brent had traded below its pre-war closing price of $72.48 a barrel.
The decline follows the reopening of oil exports through the Strait of Hormuz after a preliminary agreement between the United States and Iran ended weeks of disruption to one of the world's busiest energy shipping routes.
