Oil prices have decreased to figures not observed since prior to the Iran conflict, as concerns over Middle Eastern supply diminished and tanker movement through the Strait of Hormuz saw improvement. Brent crude has decreased to $72.66 per barrel, while U.S. WTI has fallen to $69.50. U.S. officials reported that approximately 20 million barrels passed through the strait within a 24-hour period, although complete normalization may require weeks due to mine clearance and shipping insurance issues. Additionally, markets are closely monitoring potential crude exports from Iran, Iraq's OPEC quota disagreements, and new Ukrainian attacks targeting Russian oil facilities.
