Brent crude oil drops to $72.48 amid rising Strait of Hormuz traffic

AI Summary

Brent crude oil prices briefly fell below $72.48 per barrel, a level not seen since before the Iran war began. This drop comes as traffic through the Strait of Hormuz is resuming, with maritime intelligence firm Kpler noting an increase in vessel crossings, estimating around 80 ships have crossed the strait since the US and Iran peace talks. While the average price of regular gasoline in the US has decreased to approximately $3.93 a gallon from $4 in April, it remains higher than pre-war levels. This ongoing situation may influence future energy prices and market conditions.