Oil prices fall below pre-Iran war levels as fears grow of global crude oversupply (opens original article in a new tab)

Oil prices fell below pre-Iran conflict levels as traders anticipate crude oversupply and improved shipping traffic through the Strait of Hormuz, though geopolitical uncertainties persist.

• Oil prices fell below pre-Iran conflict levels as traders expect crude oversupply
• Brent crude dropped to $72.24, below the $72.48 closing price before US-Israeli strikes against Iran
• Shipping traffic through the Strait of Hormuz doubled, easing supply concerns
• Analysts note growing oversupply from stockpile releases and reduced Chinese demand
• Market sentiment improved with progress in US-Iran negotiations
• Uncertainty remains over future control of the Strait of Hormuz