Brent slips to about $72.4 a barrel, down more than 22% in a month to pre-Iran war levels
AI Market Summary
Brent fell to ~US$72.4/bbl, down over 22% in a month, unwinding war-risk gains as Strait of Hormuz shipping normalizes and exports from the Middle East and West Africa rise. A temporary US waiver for already-loaded Iranian crude further improves supply expectations, outweighing supportive US inventory draws. The move pressures the global crude benchmark and can quickly feed through to energy-linked assets and inflation-sensitive markets.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-0.42%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Brent crude fell to about $72.4 a barrel on Thursday, down more than 22% from its peak a month earlier and back to pre-Iran war levels. The slide comes as geopolitical risks eased, shipping through the Strait of Hormuz resumed, and exports from the Middle East and West Africa rose, improving supply expectations. A temporary US waiver allowing purchases of already-loaded Iranian oil also added to supply hopes. Even with US crude stockpiles at their lowest level since 1984, added supply has kept pressure on prices.
