U.S. oil prices fall back to preconflict levels as physical flow through the Strait of Hormuz improves

U.S. and global benchmark oil prices have fallen back to pre-war levels, even though conflict risk tied to the U.S.-Israeli war with Iran has not disappeared. The move highlights that the market is repricing near-term supply disruption fears rather than signaling a full resolution of geopolitical risk.

Analysis

U.S. and global benchmark oil prices have fallen back to pre-war levels, even though conflict risk tied to the U.S.-Israeli war with Iran has not disappeared. The move highlights that the market is repricing near-term supply disruption fears rather than signaling a full resolution of geopolitical risk.