Oil drops as Strait of Hormuz flows rise

This week, oil prices experienced a significant decline following the return of navigation traffic through the Strait of Hormuz to normal levels after the temporary peace agreement between the United States and Iran. This development helped ease the tensions that had been leading to the blockade of this vital waterway. The price of Brent crude dropped to around $79 per barrel, reflecting a 9% decrease, while US West Texas Intermediate futures rose to about $75. Kuwait announced its intention to gradually increase its production, and the US Central Command lifted the blockade on Iranian ports. Meanwhile, the navy warned of the dangers posed by mines in the region. Experts anticipate that oil flows through the strait may return to only about 70% of their pre-war levels, as challenges related to infrastructure restarting and mine clearance persist.

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