Oil Prices Fall as Strait of Hormuz Traffic Resumes

Global oil prices have declined to levels not seen before the February 28 US and Israeli strikes on Iran, as shipping traffic through the Strait of Hormuz gradually resumes. Brent crude briefly dipped below $72.48 a barrel before settling at $72.63, according to reporting by the BBC. The price volatility follows Iran's response to the military strikes, which effectively closed the critical shipping strait used for oil and gas transport. Energy markets have experienced significant fluctuations since the incident. The resumption of traffic through the vital waterway appears to be stabilizing prices after weeks of uncertainty.