International oil prices fall back to pre-war levels, market expects the reopening of the Strait of Hormuz.

According to CCTV reporters, on June 24th local time, the global benchmark oil price Brent crude oil has fallen below $76 per barrel, dropping to the level before the outbreak of the Iran war. It was reported that early in the day, Brent crude oil briefly fell to $75.50 per barrel, further lower than the level on February 27th, the day before the US and Israel launched strikes against Iran. The US crude oil benchmark West Texas Intermediate crude oil briefly dropped to $72.03 per barrel, the lowest level since March 3rd. Market analysts believe that the decrease in oil prices is related to expectations for the resumption of transportation in the Strait of Hormuz. Traders stated that the market is gradually considering the possibility of Iranian oil re-entering the global market and the Strait returning to normal navigation. Some analysts pointed out that if the relevant sanctions are relaxed, Iranian oil production and exports could increase within weeks as large amounts of oil are stored in tankers. It was also reported that before this, about a few hundred oil tankers and over 10,000 seafarers were stranded in the Persian Gulf region. Before the war, about 20% of global oil transportation was completed through the Strait of Hormuz. In addition, with the US and Iran reaching agreements and allowing commercial vessels to pass through the strait free of charge within 60 days, maritime traffic has significantly increased this week.