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Oil Prices Fall Toward Prewar Levels as Gulf Shipping Resumes
The New York Times • • business
Key Points:
- Oil prices declined on Thursday, nearing levels not seen since the Iran war began in February.
- Prices had surged over the past four months but dropped sharply following a preliminary US-Iran agreement to reopen the Strait of Hormuz.
- Progress in clearing a backlog of ships in the Persian Gulf has reduced concerns over supply disruptions, contributing to the price fall.
- Brent crude fell about 1 percent to around $73 a barrel for September delivery, approaching prewar prices of $72.48 a barrel.
