Oil prices fell on Thursday, moving closer to levels not seen since the war in Iran started in February.
After surging over the past four months, oil prices have retreated sharply since the United States and Iran reached a preliminary agreement this month to reopen the Strait of Hormuz, a critical trading route for oil and gas exports from the Middle East.
The slide in oil prices has gathered pace as efforts to clear a backlog of ships trapped in the Persian Gulf have advanced, easing concerns about supply disruptions.
On Thursday, the price of Brent crude, the global benchmark for oil, fell about 1 percent to about $73 a barrel for September delivery, the most actively traded contract. In an otherwise quiet trading session, prices came within striking distance of their prewar levels of $72.48 a barrel.
West Texas Intermediate crude, the U.S. benchmark, also slipped about 1 percent to around $69 a barrel for August delivery, the most popular contract.
Tech stocks surge.
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Futures on the S&P 500 pointed to a 0.5 percent increase when stocks resume trading in the United States on Thursday.
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Stocks in Asia jumped on strong results from the U.S. chipmaker Micron Technology, reigniting enthusiasm for artificial intelligence-related companies. In South Korea, the benchmark KOSPI gained nearly 6 percent, while Japan’s Nikkei 225 moved 4 percent higher. Shares in Taiwan rose 1 percent.
Gasoline prices hold steady.
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Gas prices head steady on Wednesday at a national average of $3.93 a gallon, according to the AAA motor club. Gasoline prices have risen more than 30 percent since the start of the war.
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Gas prices don’t move in lock step with crude, usually trailing increases or drops by a few days.
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The average price of diesel fell two cents to $4.98 on Wednesday, up 33 percent since the start of the war.
The post Oil Prices Fall Toward Prewar Levels as Gulf Shipping Resumes appeared first on New York Times.
