Oil returns to pre-Iran conflict levels

Oil prices have fallen significantly, approaching their levels before the Iran war, due to increased supplies from the Middle East and easing concerns about demand. Brent crude dipped to its lowest since February at $72.52 per barrel, while oil flows through the Strait of Hormuz surpassed 20 million barrels in recent days following agreements to end the US-Iranian war and reopen the strait, despite ongoing negotiations on nuclear issues. US oil inventories reached their lowest levels since 1984, amidst expectations that prices will return to pre-war levels as supplies stabilize.

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