Brent crude hit a low of $72.24 a barrel on Thursday, beneath the level seen on the eve of the 28 February US-Israeli missile attacks on Tehran. Vessel traffic in the Strait of Hormuz doubled over the prior 24 hours to its highest since late February, with tankers switching on satellite transponders, and August Brent traded at a discount to September, signalling ample near-term supply. The Stoxx 600 and the Dow Jones Industrial Average each closed at a record high. It is the first time oil has traded at or below its pre-conflict level since the crisis erupted, occurring after the weekend’s aborted then reinstated peace talks and Iran’s renewed justification for closing the Strait following Israeli strikes in Jordan.
Context
It is the first time oil has traded at or below its pre-conflict level since the crisis erupted, occurring after the weekend’s aborted then reinstated peace talks and Iran’s renewed justification for closing the Strait following Israeli strikes in Jordan.
