Oil price pullback to pre-war levels as Middle East supply rises
Oil prices extended declines to levels seen before the Iran war as rising Middle East supply, aided by resumed Hormuz traffic and new routes via Oman, eases demand fears. Brent around $72.68 and WTI about $69.58 a barrel — the lowest since February 27 — with flows continuing even if a broader Iran-US deal falters, though full normalization may still take weeks due to mine clearance in the Strait of Hormuz.