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ReportedShipping, energy & marketsNew York, United States

Brent falls below its pre-war price as tanker traffic through Hormuz picks up

Mountain Time
Local time
11:41 AM in New York
Where
New York, United States

Brent crude fell to a low of $72.24 a barrel, slightly below its level the day before the war began on February 28 and down more than 20% in June, as vessel traffic through the strait doubled in 24 hours to its highest since late February. Prices rose about 2% later in the day after a ship was hit off Oman.

Why it matters

The whole war premium in oil had been erased eight days after the memorandum was signed, which is why the attacks on shipping that week moved prices again.

Sources (2)

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