Oil declines to lowest since Iran conflict

Oil prices declined by approximately 4% today, hitting their lowest levels since before the outbreak of the war with Iran. This comes amid signs of increased tanker traffic through the Strait of Hormuz and expectations of a smoother flow of supply deliveries. Brent crude fell to $74.76 per barrel, marking its lowest since February 2026, while West Texas Intermediate dropped to $71.04. JPMorgan Bank forecasted a decrease in oil prices during the second half of 2026, due to weak demand and declining inventories.

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