Global oil prices have dropped to their lowest levels since before the outbreak of the Iran conflict, as shipping activity through the strategically important Strait of Hormuz continues to recover.
Brent crude, the international benchmark, briefly fell below $72.48 per barrel before settling slightly higher at $72.63. The decline follows weeks of volatility sparked by the conflict between Iran, the United States, and Israel.
Oil markets have eased considerably since Washington and Tehran signed a Memorandum of Understanding on June 17, establishing a 60-day framework for negotiations over Iran's nuclear programme and broader efforts to end hostilities. Subsequent talks in Switzerland led to a partial easing of US sanctions on Iranian oil exports.
Maritime traffic through the Strait of Hormuz, a crucial route for global energy supplies, has increased noticeably since the agreement. According to shipping analysts, vessels transporting crude oil, liquefied natural gas, fertiliser, and other cargo are once again moving through the waterway in greater numbers.
Qatar and Pakistan, acting as mediators, announced that the US and Iran had established a direct communication channel aimed at preventing incidents and ensuring the safe passage of commercial ships through the strait.
Industry experts report a significant rise in vessel movements since peace talks began, although traffic remains below pre-war levels, when more than 100 ships crossed the route daily. Many vessels are still waiting in Gulf waters.
The fall in crude prices has renewed attention on fuel costs for consumers. While average US gasoline prices have declined slightly from recent highs, they remain elevated compared to levels before the conflict began.
US President Donald Trump has ordered an investigation into major energy companies, including Shell and ExxonMobil, accusing them of failing to pass lower oil prices on to consumers at the pump.
The oil industry has defended itself, arguing that retail fuel prices do not immediately mirror movements in crude oil markets. Similar concerns have been raised in the United Kingdom, although regulators say there is no evidence of widespread profiteering, noting that average profit margins have remained relatively stable.
