Oil prices have fallen back to pre-war levels as shipping through the Strait of Hormuz continues to recover.
The decline comes as vessel traffic through the key waterway rebounds after weeks of disruption tied to the Iran conflict. Traders are also reacting to signs that diplomatic efforts between Washington and Tehran are helping ease fears of a prolonged supply shock.
US Energy Secretary Chris Wright said shipments through the strait are nearing the levels seen before the fighting began. He added that roughly 20 million barrels passed through the strait in the previous 24 hours, suggesting a strong recovery in maritime traffic.
At the same time, US officials are trying to reassure Gulf allies worried about Washington’s preliminary deal with Iran. Secretary of State Marco Rubio has been speaking with regional partners to calm concerns over the agreement’s impact on security and energy flows.
The Strait of Hormuz remains one of the world’s most important shipping routes, carrying a large share of global oil and liquefied natural gas. Any disruption there quickly affects energy markets, which is why the recent rebound in traffic has helped push prices down.
Although the market has eased for now, analysts say uncertainty remains because tensions in the region could still affect shipping and oil flows. For the moment, however, the recovery in Hormuz traffic has brought crude prices much closer to their pre-war range.Although the market has eased for now, analysts say uncertainty remains because tensions in the region could still affect shipping and oil flows. For the moment, however, the recovery in Hormuz traffic has brought crude prices much closer to their pre-war range.
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