Global oil prices have collapsed back to pre-war levels, trading down near $70 per barrel, with a potential peace deal between the U.S. and Iran helping calm global markets and prompting the removal of massive war risk premiums from energy valuations.

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.

Global oil prices have collapsed back to pre-war levels, trading down near $70 per barrel, with a potential peace deal between the U.S. and Iran helping calm global markets and…