Brent crude dips near $72.48 per barrel, erasing the Iran war premium as the Strait of Hormuz reopens and global demand weakens. What it means for markets.

Oil prices tumbled as markets bet Strait of Hormuz disruptions will ease, with Brent down 10% on the week and Middle East crude benchmarks slipping into contango.

Brent crude dips near $72.48 per barrel, erasing the Iran war premium as the Strait of Hormuz reopens and global demand weakens. What it means for markets.

Brent crude futures dropped around 1% to $72.50 a barrel while US West Texas Intermediate (WTI) crude futures fell around 0.7% to $70.28 per barrel, as seen at 7.20 am on…