Brent falls below $72.48 as more ships resume Hormuz crossings
Why it matters: Oil has dropped back to prewar levels after US-Iran talks and a new channel to reduce risks for commercial vessels.
Brent crude briefly slipped below $72.48 a barrel, returning to the level seen before US and Israeli strikes on Iran on Feb. 28, as shipping through the Strait of Hormuz picked up. Prices later edged up to $73.23. The route had been effectively shut after Iran responded to the attacks, disrupting a key artery for oil and gas trade. Since a June 17 US-Iran memorandum opened a 60-day negotiation period, maritime traffic has improved. Kpler said 284 vessels transited the strait from June 18, though that remains below the pre-conflict pace of about 138 crossings a day. Qatar and Pakistan said the US and Iran also set up a communication line aimed at protecting safe passage for commercial ships.