Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleOil prices, specifically Brent Crude, dropped to $72.24, falling below pre-war levels recorded on 28 February. The decline followed a threat from Donald Trump to abandon negotiations with Iran if it attempted to impose tolls on shipping through the Strait of Hormuz. Trump stated that Iran had informed the US there were 'NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES' being sought for vessels in the Strait. He warned that if this information proved to be false, negotiations with Iran would cease immediately. Separately, Iran's deputy foreign minister clarified that access to Iranian nuclear sites for inspections would only be addressed within a final agreement, and after sanctions are lifted, contradicting US indications. In fullIran-US war latest: Oil prices fall to pre-war levels as Trump says deal cannot include Strait of Hormuz feesThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

Brent crude futures were down despite Donald Trump’s renewed threats to ‘take over’ Iran unless it opens the Strait of Hormuz

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Brent crude was trading at around $72 a barrel on Thursday morning, the price it was at the day before the launch of attacks on Iran.

Brent crude has slipped below $73 a barrel for the first time since February 27, 2026. It had hit a high of $126 per barrel on April 30 and is down 42% from those levels.

Fears of long-lasting energy crunch ‘slinking away’ as vessel traffic doubled in 24 hours to highest level since late February

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleOil prices, specifically Brent Crude,…

With the U.S.-Iran agreement appearing to hold, oil prices continue their fall as more ships start moving in and out of the Persian Gulf.

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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…

Oil prices have retreated to levels last seen before the start of the war in the Middle East as the crucial Strait of Hormuz reopens gradually and vessel...

Oil prices fallen to levels before the US-Israel war on Iran as traffic through the Strait of Hormuz shipping route gradually resumes, raising expectations of supply from the…