Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

TL;DR

Oil price back at prewar levels as Gulf flows pick up Oil extends decline on rising Middle East supply Oil Erases Wartime Gains as Hormuz Stockpiles Hit Market Oil prices have fallen below levels last seen before the Iran war started in late February as more oil tankers exited the strait of Hormuz. Vessel traffic in the strait, a vital shipping passage, doubled over the previous 24 hours to its highest level since late February, according to CNN and MarineTraffic data. Ipek Ozkardeskaya, senior analyst at Swissquote, said news that vessels are now transiting the strait of Hormuz with their satellite signals switched on had helped push down the oil price.