AI Generated Image
Oil Prices Haven't Been This Low Since Before the Iran War
Newser • • business
Key Points:
- Brent crude oil prices have returned to levels last seen before the Iran war strikes, briefly dipping below $72.48 a barrel before rising to about $73, supported by increased ship traffic through the Strait of Hormuz.
- The June 17 US-Iran Memorandum of Understanding and partial sanction easing have facilitated the return of hundreds of vessels to the waterway, although traffic remains below pre-war levels.
- US gasoline prices have decreased from April's peak but remain high, leading President Trump to order an investigation into potential overcharging by major oil companies, a claim the industry denies.
- Experts note a significant lag between crude oil price changes and gasoline prices at the pump due to the lengthy supply chain, which can take several months from extraction to consumer delivery.
