Oil prices back to pre-war levels on rising Middle East supply (opens original article in a new tab)

Oil prices dropped to pre-war levels as Middle East supply increased and US-Iran tensions eased, with Hormuz traffic resuming but ongoing disputes over fees and mine clearance.

• Brent crude prices fell to their lowest since February 27, before the Iran war started
• Brent and WTI futures hit their lowest levels since February 27 as Middle East supply increased
• US Energy Secretary noted Hormuz traffic is near pre-war levels but mine clearance will take weeks
• Iran plans to impose maritime service fees on Strait of Hormuz traffic