- Oil prices have fallen below their levels recorded before the Iran conflict, as traders anticipate that an increase in crude supplies will mitigate ongoing geopolitical risks in the Middle East.
- Brent crude, the international benchmark, dropped to $72.24 a barrel on Thursday, which is lower than the $72.48 closing price observed just before the US and Israeli strikes against Iran in late February.
- This decline represents a significant reversal from the sharp price increases experienced during the conflict, which had initially raised concerns about severe disruptions to global energy markets.
- The price of a barrel of oil reached a peak of $120 in April, a figure that was notably below the most pessimistic forecasts made by some analysts.
- Motoring organisations indicate that it typically takes approximately ten days for reductions in oil prices to be reflected in the cost of fuel at petrol pumps.
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