Oil drops as tankers leave Strait of Hormuz
Oil prices dropped on Thursday, nearing pre-war levels, after tankers exited the Strait of Hormuz following a preliminary agreement to de-escalate tensions between the United States and Iran, which eased concerns over oil supplies. Brent crude fell to $73.34 per barrel, while West Texas Intermediate declined to $70.07, amid expectations of a swift return of oil flows from the region. The market described the stabilization of the situation as leading to a short-term surplus in oil supplies.
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