Global oil prices have retreated to pre-conflict levels as tanker traffic through the Strait of Hormuz gradually normalizes.
According to the Operative Information Center-OMM, international media reports indicate that the price of Brent crude oil has fallen to $72.69 per barrel.
After reaching a high of $76.76 the previous day, Brent crude closed at $73.87. Prices saw a further decline of approximately 1.2 percent this morning, settling at $72.94.
Meanwhile, US West Texas Intermediate (WTI) crude was trading at $69.62.
Analysts attribute the price drop to the continued flow of energy shipments through the Strait of Hormuz and growing expectations of renewed diplomatic engagement between the United States and Iran. The Strait of Hormuz is a critical maritime chokepoint, through which approximately 20 percent of the world's total petroleum consumption passes, making it a vital artery for global energy security.
US Secretary of Energy Chris Wright stated that approximately 72 vessels carrying 20 million barrels of oil have transited the Strait of Hormuz over the past 24 hours.
According to Wright, the flow of oil from the Persian Gulf is currently operating at levels higher than those observed prior to the recent conflict.
Wright also noted that while mines allegedly deployed by Iran have caused some delays in maritime traffic, the situation is expected to fully normalize within a few weeks as the strait is cleared.
Separately, US Secretary of State Marco Rubio announced that technical discussions with Iran are set to resume next week. He indicated that representatives from both sides are expected to meet, likely in Switzerland, on June 29 or 30.
Market analysts suggest that the stabilization of energy flows through this strategic waterway, combined with the progress in diplomatic channels, has significantly alleviated concerns regarding global supply, exerting downward pressure on oil prices.
