Oil prices fall to levels not seen since start of US-Israel war on Iran
Summary
Oil prices have dropped to their lowest level since the start of the US-Israel conflict involving Iran. This fall happened as talks between the US and Iran showed positive progress toward a peace deal, and oil shipping through the Strait of Hormuz began to recover.Key Facts
- Brent crude oil prices fell below $71 a barrel, reaching levels last seen before the conflict started.
- Prices dropped more than 38% from their peak of over $126 per barrel on April 30.
- Qatar is mediating negotiations between the US and Iran, and recent talks have shown positive progress.
- President Donald Trump said the denuclearization talks with Iran are moving well.
- Shipping through the Strait of Hormuz, a key route for global oil trade, increased from 22 to 40 vessels in a few days but remains below normal levels.
- The Strait of Hormuz handles about 20% of the world’s oil and gas trade during peacetime.
- Iran agreed to try to ensure safe passage of ships but maintains control over movements in the strait.
- Since the war began, there have been at least 49 attacks on commercial ships in the strait, with Iran involved or blamed in most cases.
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