Oil Prices Drop Below Pre-Conflict Levels as Strait of Hormuz Traffic Surges

Oil prices have fallen below levels last seen prior to the commencement of the Iran war in late February, according to multiple financial reports. Data indicates that Brent crude reached a low of $72.24 per barrel on Thursday.

According to Bloomberg, BBC, The New York Times, Deutsche Welle, and The Guardian, the United States and Israel launched missile attacks on Tehran on February 28.

Vessel traffic through the Strait of Hormuz doubled within a 24-hour period, reaching its highest level since late February. On Thursday, a cargo ship was attacked in the Strait of Hormuz.