Oil back to pre-war levels as Hormuz traffic rebounds
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 […]
