Oil Falls Near Prewar Levels as Iran War Nears End, Promising Cheaper Gas
Updated
Updated · NBC News · Jun 23
Oil Falls Near Prewar Levels as Iran War Nears End, Promising Cheaper Gas
3 articles · Updated · NBC News · Jun 23
Summary
Oil prices slid back to near prewar levels on signs the Iran war is drawing to a close, easing pressure on gasoline costs and broader consumer prices.
The drop extends an earlier retreat driven by investor optimism about a lasting resolution and close monitoring of tanker traffic through the Strait of Hormuz.
Brent crude had already fallen to $77.45 a barrel and West Texas Intermediate to $73.52 in the prior session as fears of a prolonged supply disruption faded.
Cheaper crude now points to lower fuel prices for households and could help cool inflation if the de-escalation holds.