Oil prices near pre-war levels as shipping ramps up on Strait of Hormuz

Updated 8m ago Oil prices near pre-war level Brent crude, the international standard, fell 3.8% to $73.87 a barrel. It has been trading below $80 in recent days but is still above the roughly $70 per barrel it was trading at in late February before the war began. U.S. crude prices fell 3.9% to $70.34 a barrel. Early Thursday, Brent was down 1.3% at $72.90, while U.S. benchmark crude lost 1.4% to $69.37. The drop in prices comes as shipping across the Strait of Hormuz slowly resumed last week under the U.S.-Iran memorandum of understanding. Commercial cargo vessels and crude oil tankers are seen anchored in the Gulf of Oman, off the coast of Muscat, Oman, June 21, 2026, as they prepare to transit through the Strait of Hormuz. Shady Alassar/Anadolu/Getty 8m ago Rubio seeks to reassure regional U.S. allies Secretary of State Marco Rubio was in Bahrain Thursday after promising Gulf allies that Washington would protect their interests as it seeks to hammer out a final settlement to end the war with Iran. During a visit to Kuwait City, Rubio said Washington would be on the same page as Gulf states as it wrangles with Iran over a permanent settlement to the conflict. …