Oil rebounds to pre-war levels

Oil prices declined for the second consecutive session, approaching pre-war levels with Iran, due to ample supplies and expectations of increased shipping through the Strait of Hormuz from the Middle East. Brent crude fell to $72.63, while West Texas Intermediate dropped to $69.46. Markets are starting to anticipate a faster return of oil supplies from the region, despite ongoing concerns about global demand. The increase in production and tensions across the strait are influencing global oil prices, with forecasts suggesting further declines in prices during the third quarter.

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