Strait of Hormuz: Oil price records lowest drop in three months

The price of oil has reached its lowest point in nearly 15 weeks, despite ongoing uncertainty regarding the timeline for the reopening of the Strait of Hormuz.
Brent crude has decreased by nearly 2.5% today, settling at just over $81 per barrel, which follows a 4.75% decline on Monday. This marks its lowest price since March 4, coinciding with the onset of the Iran war.
Nevertheless, this price remains significantly higher than Brent’s pre-war level of $72.48 per barrel.
Oil traders are anticipating that the reopening of the Strait of Hormuz will result in an increase in oil supplies from the Middle East, following Donald Trump’s statement that the crucial waterway will reopen once ...