The price of Brent crude oil dropped on Thursday, June 25th to below its levels before February 28th, when the U.S.-Iranian war began.
Brent futures for August delivery also dropped by more than 1%, settling at $72.44 (€63.52) per barrel. This compares to a closing price of $72.48 recorded on February 27th.
The price changes seemed to confirm the promises made to U.S. Gulf allies by U.S. secretary of energy Chris Wright, who asserted that conflict in the Middle East was now over. In his view—as outlined in Bahrain on Wednesday, June 24th—market confidence is now free to grow thanks to the gradual resumption of maritime traffic in the Strait of Hormuz.
