Oil back to pre-war levels as Hormuz traffic rebounds, US tries to reassure Gulf allies

🇦🇪 Al-Monitor Middle East (AE) —
Oil back to pre-war levels as Hormuz traffic rebounds, US tries to reassure Gulf allies

AI Summary

Oil prices have returned to pre-war levels as shipments through the Strait of Hormuz rebound to near-normal volumes. The United States is working to reassure Gulf allies following strikes on Iran, with over 20 million barrels passing through the strait in the past 24 hours.

By Tala Ramadan, David Morgan and Patricia Zengerle DUBAI/WASHINGTON, June 25 (Reuters) - Oil prices fell to pre-war levels on Thursday as the United States said flows through the Strait of Hormuz were nearing normal and its top diplomat completed a Gulf tour aimed at shoring up support for a preliminary Iran deal. U.S. Energy Secretary Chris Wright said on Wednesday shipments through the strait were approaching levels seen before the U.S. and Israel launched strikes on Iran on February 28, with at least 20 million barrels exiting the strait in the previous 24 hours.

World Politics Markets Energy Shipping oil prices Strait of Hormuz US Gulf allies shipments rebound pre-war levels Iran strikes

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