Oil prices ease as more tankers exit the Strait of Hormuz
Brent crude slipped back below pre-war levels as vessel traffic through the strait doubled, calming fears of a prolonged energy crunch.
Priya Chandran
Writer ·
Oil markets eased on Thursday as more tankers moved through the Strait of Hormuz, calming fears of a prolonged energy crunch after months of disruption tied to the Iran war.
Prices and traffic
Brent crude fell to $72.24 a barrel, below the level seen before February's strikes on Tehran, while vessel traffic doubled over 24 hours to its strongest reading since late February. A Liberian-registered tanker was reported to have used a route close to Oman, promoted by a UN maritime agency, despite warnings from Iran's Revolutionary Guard.
What happens next
Analysts cautioned that regional tensions, a backlog of shipping and European heat-driven power demand could keep the market volatile, even as the immediate panic premium drains away.
Source: This summary is based on reporting by The Guardian. The NE Times aggregates and rewrites news for readability; please refer to the original for the full report.
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