Brent Oil Falls to Pre-War Levels on Hormuz Strait Reopening

Brent crude oil fell to pre-conflict levels early Thursday, trading at prices last seen on February 27. The decline was fueled by the reopening of the Strait of Hormuz, which saw 20 million barrels of oil pass through on the previous day alone.

The normalization of supply through the critical chokepoint has provided strong relief to markets, continuing to deflate oil prices. The drop marks a return to levels before the onset of recent geopolitical tensions.