Oil prices retreat to pre-war levels as vital shipping route reopens

NAMPA / DPA

2026-06-25

London (PA Media/dpa) - Oil prices have dropped to levels last seen before the war in the Middle East as the crucial Strait of Hormuz reopens gradually following the US-Iran peace deal. Brent crude fell back to below $73 a barrel for the first time since the Iran war started on February 28, down around 2% to $72.24 a barrel at one stage. It sparks hope of easing cost-of-living pressures as prices begin retreating at the petrol pumps thanks to the......

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