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Oil prices dip to level not seen since before the Iran war – here’s why

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank 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 inAllNewsSportCultureLifestyleOil prices, including Brent and West Texas Intermediate, have fallen to levels last seen before the US-Iran conflict, extending significant losses from the previous session. This decline is largely attributed to the gradual resumption of shipping through the Strait of Hormuz, which has reduced the risk premium that previously inflated crude prices. Donald Trump stated that talks with Iran in Qatar regarding denuclearisation were progressing well, following indirect discussions involving his son-in-law Jared Kushner and US special envoy Steve Witkoff. These diplomatic efforts aim to reinforce a 60-day truce and restore commercial shipping through the vital Strait of Hormuz, although tanker traffic remains below pre-conflict levels. Further bearish signals for the market include a smaller-than-expected draw in US crude inventories and an anticipated production increase from OPEC+ for August. In fullOil prices fall to pre-war levels as Strait of Hormuz shipping slowly recoversThank 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

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