Oil Futures Fall Back to Pre-Conflict Levels as Tankers Leave Strait of Hormuz

Global benchmark oil prices fell by about $3 on Wednesday, returning to levels seen before the U.S.-Israel-Iran conflict broke out in late February, as supply concerns eased after more previously delayed tankers departed the Strait of Hormuz. According to Jin10, Brent crude futures settled down $3.34, or 4.3%, at $73.74 a barrel, while U.S. crude futures settled down $2.87, or 3.9%, at $70.34 a barrel. Analysts at ING said positive signals from the Persian Gulf were supporting market optimism that crude flows through the Strait of Hormuz were recovering. They added that vessel traffic has increased recently but remains clearly below pre-war levels.