Oil price falls to levels not seen since before Iran war
Summary
The price of oil has dropped to the lowest level since before the Iran war started, as more ships have begun passing through the Strait of Hormuz again. This change follows recent peace talks and an agreement between the US and Iran to ease tensions and allow safer passage for commercial ships.Key Facts
- Brent crude oil price briefly fell below $72.48 a barrel, the same price before US and Israel attacks on Iran in February.
- Energy prices have been falling since the US and Iran signed an agreement on June 17 to start negotiations on Iran’s nuclear program and ending the war.
- The number of vessels crossing the Strait of Hormuz has increased after the agreement, including ships carrying oil, natural gas, and other goods.
- The US and Iran set up a communication line to prevent misunderstandings and ensure safer travel for ships through the strait.
- About 80 ships have crossed the strait since peace talks began in Switzerland last weekend, compared to over 100 ships daily before the war.
- Some ships use a northern route with Iranian permission, while others use a safer southern route guided by the US navy.
- Despite the increase, many ships still remain waiting in the Gulf region.
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